What is more, even if banks (mostly state-owned themselves) wanted to lend to entrepreneurs, the latter have little collateral to pledge for their loans.

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That implies Greek banks have almost no spare assets to pledge for secured loans, if they are to keep anything back to cover the money they have borrowed in the form of deposits from ordinary Greek citizens.

BBC: Business

This leads to a large number of loans which investors pledge funds for investment, not being issued.

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Asset encumbrance is when a bank has to pledge its assets - the loans and investments it has made - to a creditor when borrowing from that creditor.

BBC: Business

His staff hit upon another idea: Pledge the existing endowment as collateral for loans from banks, and lend the proceeds to students at normal rates.

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Only John Redwood, a former cabinet minister and a bit of a lone voice on the right, asked for a pledge that Britain would not make further loans to euro-zone members.

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