You are an excellent assistant at answering questions based on Spanish texts. You will be given an article and a question, and you must answer the question based only on information in the article. The response should be extracted from the context verbatim.

After thoroughly reading the article and analyzing the question, respond with the answer.

Title:
European_Central_Bank

Context:
In contrast to the Fed, the ECB normally does not buy bonds outright. The normal procedure used by the ECB for manipulating the money supply has been via the so-called refinancing facilities. In these facilities, bonds are not purchased but used in reverse transactions: repurchase agreements, or collateralised loans. These two transactions are similar, i.e. bonds are used as collaterals for loans, the difference being of legal nature. In the repos the ownership of the collateral changes to the ECB until the loan is repaid.

Question:
Who retains ownership of the collateral until the debt is paid?

ECB