Percentage, determined at the ECB, of the sum of debt securities issued with an agreed maturity of up to and including two years and of money market paper which may be deducted from the reserve base of those issuers which are unable to prove that such liabilities are owed to other institutions subject to Eurosystem reserve requirements, to the ECB or to a national central bank.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/

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