BoE Updates Collateral Eligibility and Disclosure Rules

On July 19, the Bank of England released a Market Notice stating that it intends to include portfolios of loans to individuals and non-banks as eligible collateral for its Discount Window Facility, and that the eligibility requirements for ABS and covered bonds will be expanded to include enhanced disclosure of loan level and transaction information.  The expansion of eligible collateral is intended to occur during 2011, and there will be an implementation period of 12 months following the publication of detailed requirements regarding the enhanced disclosure. BoE Market Notice.