Here is the big imponderable: what will the ECB do at the moment that a big bank runs out of unencumbered assets?

BBC: Business

Many firms are going into this downturn with fewer unencumbered assets than in previous recessions, which makes it harder to secure new credit.

ECONOMIST: Corporate lending

As balance sheets have become more unencumbered, the pool of assets available to support claims by unsecured creditors has diminished.

WSJ: Agenda: Basel III��Don't We Have Enough Problems?