Great stuff:
"The ECB has, despite repeated requests, refused to put in the public domain either the internal models used to value illiquid collateral offered to the Euro System by eligible banks, or the exact valuations of the specific items of collateral offered to the Eurosystem. Even with liquid securities, for which a relevant market price benchmark can be observed, that market price will not be independent of the presence and actions of the ECB in these markets. The Bank of England and the Fed have been equally unwilling to reveal exactly what was either bought outright, or accepted as collateral, at exactly what price and on what other relevant terms, and from which counterparties. Clearly, market sensitivity and other normal commercial confidentiality considerations would make the immediate publication of some of this information inappropriate. But with a lag or 3 or 6 months, there are no valid grounds for anything except complete openness and transparency about the full array of financial market operations of the central banks."
