SNB bans Tepco debt as collateral
The Swiss National Bank (SNB) has included stricken Japanese electricity company, Tokyo Electric Power Co's (Tepco) debt on its list of collateral that is excluded from open market operations.
The earthquake and tsunami that have beleaguered Japan's north-east coast have damaged the nuclear reactors operated by Tepco in Fukushima. The near-meltdown cut the company's generating capacity by about a third. Rolling power cuts were introduced across Tokyo suburbs and beyond as Asia's biggest utility firm struggled to meet demand. The company's website lists in detail the situation at the plant and has conceded that the reactors at the site will never function again.
The SNB has also recently excluded Irish and Greek sovereign debt.
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