(2/2): RBC (Con`t): "Whether or not.............>

ECB: (2/2): RBC (Con`t): "Whether or not 'disenfranchisement' will be the way

forward is debatable - even questionable given the evidence cited above. That

being said: Where there is a will there is a way, and we are certain that the

ECB will find the means to increase the bond purchases if it decides that this

is required from a monetary policy point of view."

- Pictet (@fwred on Twitter): "No surprise indeed, but this legal "loophole" is

the reason why Coeure ("limits are ours") and Draghi ("limits are specific to

the contingencies we face") could afford to send these signals in Sintra."

- Rabobank: "From a trading perspective, this implies narrower peripheral

spreads to us but "from above" (i.e. core bond should not suffer) in the event

of a PSPP re-start as:"

- i) The current binding constraint for the PSPP is the issuer limit for the

bonds of core countries and the lifting of this (rather than the capital key)

would mean that both core and peripheral paper can be purchased.

- ii) There is a continued lack of liability sharing."