A term coined in connection with the global financial crisis triggered by the subprime crisis in the fall of 2008 to describe securities in the securities portfolios of banks, including the central bank, that are virtually worthless but often carry a moon price on the balance sheet (the expression “toxic paper” or “toxic asset” was coined in the financial crisis of 2008/09, and referred to mortgage-backed securities, collateralized debt obligations and credit default swaps, all of which could not be sold after they exposed their holders to massive losses). – See Absenzkapitalismus, Bad Bank, Bilanzbereinigung, Finanzmarktstabilisierungsgesetz, Home Mortgage Disclosure Act, Kreditkarten-Fiasko, Kreditvergabe-Grundregel, Luftpapiere, Pay-GreenInitiative, Subprime Lending, Verbriefungspapiere, Vertrauensblase, Zitronenhandel. – Cf. ECB Monthly Bulletin, May 2009, p. 47 (write-downs).
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