ECB collateral requirements for lending

…we said the ECB's decision in September to accept unlisted bank bonds — i.e., bonds that the banks could have issued purely to themselves solely in order to pledge them as collateral for central bank funding — was "potentially very significant".

There is much more at the link, all along the same lines.  For better or worse, the ECB is engaging in lots of (de facto) unsecured lending.  Hat tip goes to Sober Look.