ECB announces details of ABS PP

The details of the ECB’s ABS purchase program have been published. Save for some adaptations for Greek and Cypriot ABS, the eligibility criteria remain those of the Eurosystem collateral rules.  The program also envisages the purchase of a very substantial portion of any deal – up to 70%.  With such a large portion being purchased it seems that the ECB could be the determinant factor of future pricing.