According to the "Handelsblatt" the Banco de España has accepted collaterals with an inadequate rating. A representative of the Spanish central bank said this was due to technical problems. Siekmann is critical of the complex rules regarding collaterals for credits of the European Central Bank (ECB).
Siekmann calls for a simplification of the rules. In his opinion, the whole process should be handled by the ECB and without the involvement of the national central banks. He also refers to the Swiss central banks' pratice to take into account only the second best rating.
Handelsblatt: "Spaniens Notenbank kritisiert Ratingregeln"