1.   It is possible to borrow money using this undertaking, or promise to pay, as security.

2.   Even though bond yields overall were falling, interest rates on the kinds of borrowing most used by companies were rising sharply.

3.   Instead, the Bundesbank can lower the rate at which banks can borrow using government securities as collateral.

4.   The agreements, aimed at ensuring continued stability in the foreign exchange market, would allow the central banks to borrow cash using U.S. securities as collateral.