This is highly problematic.

If the ECB takes the risk, there is extreme moral hazard. If they don’t, lending won’t likely increase:

ECB poised for battle to ward off deflation

January 26 (FT) — Mario Draghi has signalled that he would be prepared for the ECB fight deflation in Europe by buying packages of bank loans to households and companies. Since the corporate bond market was small and working well, he said, there is no need to do something in that field. As the ECB does not issue debt and a decline in net lending remains a deep problem in peripheral eurozone countries, Mr Draghi said he favoured looking at a way to package bank loans to the private sector and for the ECB to buy them if economic conditions got worse. Mr Draghi said: What other assets would we buy? One thing is bank loans?.?.?.?the issue for further thinking in the future is to have an asset that would capture and package bank loans in the proper way. Right now securitisation is pretty dead, he said adding, that there was a possibility of buying asset backed securities if they were easy to understand, price and trade and rate.