“The rules governing the eligibility of collateral and its terms of use are an integral part of how central banks provide liquidity to the financial system. Central banks’ collateral frameworks and practices evolve over time with changing operational needs and financial market developments. But the experience gained from the various episodes of market stress that have occurred since mid-2007 provides additional motivation for central banks to review and update their collateral policies. This report examines how collateral frameworks compared across central banks as of mid-2012 and the key changes they had undergone since mid-2007. It also documents how the amount and composition of collateral pledged by counterparties to central banks evolved over the same five-year period. This report was prepared by a study group chaired by Guy Debelle, Assistant Governor of the Reserve Bank of Australia.”