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Nagel Sees No ’Urgent’ Need for Buying ABS, Covered Bonds

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Bundesbank board member Joachim Nagel played down the significance of a European Central Bank plan to buy asset-backed securities and covered bonds.

“In the past months, the ABS market and the covered-bond market haven’t been the market segments where I had the impression that support was urgently needed,” Nagel said in a speech in Munich late yesterday. “I don’t want to create a false impression: ABS papers naturally play a very important role in the financing of banks.”