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ARTICLE · 29 JULY 2008

Aussie ABS Can Be ECB Repo-Eligible

Clayton Utz
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The European Central Bank has accepted the first securities backed by Australian receivables as being eligible for inclusion on the eligible assets database of the European Central Bank, making them "repo-eligible" with the ECB.

AustraliaFinance and Banking
Karolina Popic
Karolina Popic
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The European Central Bank has accepted the first securities backed by Australian receivables as being eligible for inclusion on the eligible assets database of the European Central Bank ("ECB"), making them "repo-eligible" with the ECB.

It is hoped that ECB repo-eligibility will increase the investor base and liquidity of Australian asset-backed and residential mortgage-backed securities.

The first securities backed by Australian assets to be repo-eligible were issued under Macquarie Bank's recently established repackaging programme, the ARC Funding Programme, which was structured with the purpose of taking advantage of these operations of the ECB. Those securities are backed by securities issued by Macquarie Leasing's SMART securitisation trust, the underlying assets of which are commercial equipment and motor vehicle lease and hire purchase receivables.

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