The availability of assets was also found to be constrained by shortcomings related to settlement arrangements, bringing the total for available high quality assets to an amount closer to the equivalent of € trillion – some € trillion less than the figure I referred to at the outset. Overall this still leaves a sufficient buffer of high-quality assets available for market participants.
Currently, collateral usage is the equivalent of around € trillion and it is expected that the increased demand due to mandatory CCP clearing and other regulatory reforms would be at most in equivalent of between € trillion. Nonetheless, we need to take into account that the available assets may not be equally available to all market participants in all regions.