PNC Financial Services Group (PNC) has begun winding down Market Street Funding, an asset-backed commercial paper conduit that funds credit for corporate clients.

The decision was spurred by liquidity coverage requirements under Basel III, PNC spokesman Fred Solomon told American Banker. The bank disclosed the wind-down plan in a Sept. 5 filing with the Securities and Exchange Commission.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.