eligible banker's acceptances

Banker's acceptances that meet Federal Reserve requirements and thus can serve as collateral for bank borrowings from the Federal Reserve. The accepting bank can sell eligible BAs without incurring reserve requirements. (When an accepting bank sells an ineligible BA, the sale is treated as a borrowing subject to reserve requirements.) See banker's acceptance

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In the BA market, an acceptance may be referred to as eligible because it is acceptable by the Fed as collateral at the discount window and/or because the accepting bank can sell it without incurring a reserve requirement. Bloomberg Financial Dictionary