"The European Central Bank tightened the rules for the collateral it accepts against loans as it tries to restore the “proper functioning” of markets and prepares the ground to unwind emergency liquidity measures. The bank “will require at least two ratings from an accepted external credit assessment institution for all ” asset- backed securities" issued from March 1, 2010, the Frankfurt-based central bank said today in an e-mailed statement". "Trichet...has indicated the ECB won’t renew its 12-month auctions of unlimited cash, one of its flagship policies in the crisis, after a third tranche is handed out next month".

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