Overview of central banks’ in-house credit assessment systems in the euro area

Los sistemas de evaluación del crédito desarrollados internamente por los bancos centrales nacionales (ICAS) son una fuente importante de valoración del riesgo de crédito dentro del marco de los activos de garantía de política monetaria del Eurosistema. En particular, los ICAS permiten que las entidades financieras aporten los préstamos concedidos a sociedades no financieras como garantía en las operaciones crediticias en las que se instrumenta la política monetaria del Eurosistema. En este sentido, los ICAS contribuyen a que los préstamos puedan ser utilizados como colateral, dado que generalmente no son aceptados como tal en la operativa privada de repos, y benefician potencialmente en mayor medida a los bancos de tamaño mediano o pequeño que financian a las pymes. Esto último conduce no solo a una ampliación del conjunto de activos de garantía disponibles en las entidades financieras y a una mejora del mecanismo de transmisión de la política monetaria, sino también a una menor dependencia de fuentes externas de valoración del riesgo de crédito, como las agencias externas de calificación. La importancia de los ICAS se ha puesto de manifiesto en las medidas aprobadas por el Eurosistema en abril de 2020 en respuesta a la crisis del COVID-19. Dichas medidas apoyaron un mayor uso de los préstamos como activos de garantía e, indirectamente, incrementaron la importancia de los ICAS como fuente de valoración del colateral. Este documento analiza en detalle el papel de los ICAS en el contexto de las operaciones crediticias de política monetaria del Eurosistema, describiendo las guías y los requerimientos más relevantes exigidos a los ICAS en términos, entre otros factores, de la estimación de las probabilidades de impago, el papel de los modelos estadísticos frente al análisis experto, la información utilizada en el proceso de evaluación y la validación periódica de su funcionamiento. Adicionalmente, describe los principales aspectos de cada uno de los ICAS actualmente aceptados como sistema de calificación por el Eurosistema, destacando tanto sus elementos comunes como los diferenciales.The in-house credit assessment systems (ICASs) developed by euro area national central banks (NCBs) are an important source of credit risk assessment within the Eurosystem collateral framework. They allow counterparties to mobilise as collateral the loans (credit claims) granted to non-financial corporations (NFCs). In this way, ICASs increase the usability of non-marketable credit claims that are normally not accepted as collateral in private market repo transactions, especially for small and medium-sized banks that lend primarily to small and medium-sized enterprises (SMEs). This ultimately leads not only to a widened collateral base and an improved transmission mechanism of monetary policy, but also to a lower reliance on external sources of credit risk assessment such as rating agencies. The importance of ICASs is exemplified by the collateral easing measures adopted in April 2020 in response to the coronavirus (COVID-19) crisis. The measures supported the greater use of credit claim collateral and, indirectly, increased the prevalence of ICASs as a source of collateral assessment. This paper analyses in detail the role of ICASs in the context of the Eurosystem’s credit operations, describing the relevant Eurosystem guidelines and requirements in terms of, among other factors, the estimation of default probabilities, the role of statistical models versus expert analysis, input data, validation analysis and performance monitoring. It then presents the main features of each of the ICASs currently accepted by the Eurosystem as credit assessment systems, highlighting similarities and differences

Exploring antioxidant potential and phenolic compound extraction from Vitis vinifera L. using ultrasound-assisted extraction

The research investigates the extraction of antioxidant phenolic compounds from grape pomace, a wine fermentation byproduct. Ultrasound-assisted extraction (UAE), varying parameters such as solute:solvent ratio, power, and time were utilized. UAE was specifically applied to Vitis vinifera L. using high-intensity ultrasound with ratios of 1:18 and 1:42 g:mL, 250 and 400 W power levels, and extraction times of 15 and 20 minutes. Total phenolic content was quantified via the Folin–Ciocalteau reagent, and total flavonoids were determined using quercetin as a standard. Antioxidant capacity was evaluated through ABTS, FRAP, and DPPH Radical Scavenging Assays, with Trolox equivalent antioxidant capacity (TEAC) for comparison. Results indicated a total phenolic content of 50 to 80 μmol GAE/g d.w., with no significant differences among treatments. Total flavonoid concentration ranged from 2.5 to 4 μmol QE/g d.w. Importantly, the solute:solvent ratio impacted antioxidant capacity, with higher ratios showing increased ABTS radical capacity. Treatment 1, with the highest flavonoid content, exhibited the greatest antioxidant capacity against DPPH radicals. This study underscores the intrinsic correlation between cumulative bioactive compound content and the inherent antioxidant capacity of grape pomace extracts. This highlights the potential application of these extracts as antioxidant reservoirs, poised for integration into functional foods and biomedical nutraceuticals

Characterization of Epigallocatechin-Gallate-Grafted Chitosan Nanoparticles and Evaluation of Their Antibacterial and Antioxidant Potential

Nanoparticles based on chitosan modified with epigallocatechin gallate (EGCG) were synthetized by nanoprecipitation (EGCG-g-chitosan-P). Chitosan was modified by free-radical-induced grafting, which was verified by Fourier transform infrared (FTIR). Furthermore, the morphology, particle size, polydispersity index, and zeta potential of the nanoparticles were investigated. The grafting degree of EGCG, reactive oxygen species (ROS) production, antibacterial and antioxidant activities of EGCG-g-chitosan-P were evaluated and compared with those of pure EGCG and chitosan nanoparticles (Chitosan-P). FTIR results confirmed the modification of the chitosan with EGCG. The EGCG-g-chitosan-P showed spherical shapes and smoother surfaces than those of Chitosan-P. EGCG content of the grafted chitosan nanoparticles was 330 μg/g. Minimal inhibitory concentration (MIC) of EGCG-g-chitosan-P (15.6 μg/mL) was lower than Chitosan-P (31.2 μg/mL) and EGCG (500 μg/mL) against Pseudomonas fluorescens (p < 0.05). Additionally, EGCG-g-chitosan-P and Chitosan-P presented higher Staphylococcus aureus growth inhibition (100%) than EGCG at the lowest concentration tested. The nanoparticles produced an increase of ROS (p < 0.05) in both bacterial species assayed. Furthermore, EGCG-g-chitosan-P exhibited higher antioxidant activity than that of Chitosan-P (p < 0.05) in 2,2′-azino-bis (3-ethyl-benzothiazoline-6-sulfonic acid) (ABTS), 2,2-diphenyl-1-picrylhydrazyl radical (DPPH) and ferric-reducing antioxidant power assays. Based on the above results, EGCG-g-chitosan-P shows the potential for food packaging and biomedical applications

The influence of chemically treated natural fibers in poly(lactic acid) composites containing thymol

The mechanical, thermal, and morphological properties of poly(lactic acid) (PLA) composites incorporated with 30% w/w untreated kenaf (UK) or treated kenaf (TK) fibers was explored together with the inclusion of 5%–10% w/w thymol for potential antimicrobial packaging material applications. The TK fiber composites had significantly higher tensile strength than those containing UK fibers. Scanning electron micrograph images showed a better adhesion between the TK fibers and the matrix was achieved resulting in improved reinforcement of the PLA/TK fiber composite. The neat PLA and composites containing 10% w/w thymol exhibited lower processing torque, tensile strength, and glass transition temperatures than those without thymol suggesting a possible lubricating and/or plasticizing effect. However, the incorporation of thymol into PLA at this level as well as into the composites did not influence the flexibility of the materials as a whole. Decomposition in compost progressed rapidly for neat PLA and PLA/thymol resulting in complete disintegration within 35 days. The presence of kenaf slightly inhibited the decomposition although complete disintegration of the composite was achieved within 48 days. The results suggest that PLA composites containing kenaf have the potential to be developed as rigid, compostable food packaging items such as trays from biodegradable and renewable resources

Antioxidant Effect of Nanoparticles Composed of Zein and Orange (<i>Citrus sinensis</i>) Extract Obtained by Ultrasound-Assisted Extraction

In the present research, an orange extract (OE) was obtained and encapsulated in a zein matrix for its subsequent physicochemical characterization and evaluation of its antioxidant capacity. The OE consists of phenolic compounds and flavonoids extracted from orange peel (Citrus sinensis) by ultrasound-assisted extraction (UAE). The results obtained by dynamic light scattering (DLS) and scanning electron microscopy (SEM) indicated that zein nanoparticles with orange extract (NpZOE) presented a nanometric size and spherical shape, presenting a hydrodynamic diameter of 159.26 ± 5.96 nm. Furthermore, ζ-potential evolution and Fourier transform infrared spectroscopy (FTIR) techniques were used to evaluate the interaction between zein and OE. Regarding antioxidant activity, ABTS and DPPH assays indicated no significant differences at high concentrations of orange peel extract and NpZOE; however, NpZOE was more effective at low concentrations. Although this indicates that ultrasonication as an extraction method effectively obtains the phenolic compounds present in orange peels, the nanoprecipitation method under the conditions used allowed us to obtain particles in the nanometric range with positive ζ-potential. On the other hand, the antioxidant capacity analysis indicated a high antioxidant capacity of both OE and the NpZOE. This study presents the possibility of obtaining orange extracts by ultrasound and coupling them to zein-based nanoparticulate systems to be applied as biomedical materials functionalized with antioxidant substances of pharmaceutical utility