根据2003年1月9日生效的美联储贴现窗口计划，贴现贷款分成三类：一级贷款（primary credit），二级贷款（secondary credit）和季节性贷款（seasonal credit）。
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可能他们认为严格的条款没有必要，首先他们可以在二级市场上交易贷款，这在20年前是不可能的。
Some may reckon that covenants are no longer necessary. First, they can now sell loans in the secondary market, an option that did not exist 20 years ago.
由于从事消费贷款的银行通常把贷款卖给其他机构，从新获得资金，放更多贷款，所以这种形式的二级信贷市场成长很快。
Since banks that specialise in consumer loans usually sell them to other institutions in order to free up capital to make more loans, the secondary market in this form of credit has been growing fast.
日前，欧洲央行决定在二级市场大量买进无人问津的意大利和西班牙债券，正式成为欧洲所有国家的最终贷款人。
The ECB officially became the lender of last resort to all of Europe this morning as it moved to buy up unwanted Italian and Spanish bonds in the secondary market.
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