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Credit market mops up banking’s toxic legacy
In one of the many rather surreal consequences of the financial crisis, banks are taking advantage of the QE-driven chase for yield among investors to sell off the very assets that caused all the chaos in the first place. The latest example of this is the public auction by the Dutch state of part of the ING Illiquid Assets Back-up Facility (IABF) that was put in place in 2009.
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