Rationale The share of non-marketable assets (mainly bank loans) pledged as collateral in the Eurosystem’s monetary …-marketable assets are loans to firms rated using the Banco de España’s in-house rating system, called ICAS BE. •There is ample scope to … increase the volume of pledged loans with an ICAS BE rating, especially in the case of loans to SMEs. •Spanish firms’ ICAS BE …

credit quality and raise non-performing loans from already high levels. Banks have a critical role to play not only during …