(1/2) Mixed analyst reaction to Reuters.........>

ECB: (1/2) Mixed analyst reaction to Reuters sources piece out Wednesday on ECB

opening the way to more QE by using `disenfranchisement` loophole to avoid

participating in collective action clauses in the event of debt restructuring.

- Commerz: "Even though this may reveal that the ECB is keen to restart QE, we

don't believe it raises the probability. First of all, the attempt to circumvent

CACs by stripping the ECB of its voting rights does not look promising as German

model CACs explicitly state that Bundesbank holdings cannot be disenfranchised."

- "Moreover, it reveals that the ECB may have second thoughts about the legality

of raising the limits on the back of the ECJ judgment in December."

- RBC: "The article highlights that quite a lot of detailed thinking about how

to potentially continue asset purchases is going on behind the scenes already."

- "This suggests Draghi's hint during his Sintra speech that the ECB is willing

to change the limits guiding the QE programme should be taken seriously."

- "We are almost certain that if it ever comes to a restructuring, the ECB will

be equally creative as it was in the Greek case to find a way to not

participate." (CONTINUED IN NEXT BULLET)