b priority of assignees »  pledgees » or repo purchasers » interest over that of other claimants in the event of insolvency proceedings or proceedings in respect of the participant  the rights or assets assigned for collateral purposes  or pledged by the participant in favour of the ecb or other participants in the system  will rank in priority of payment above the claims of all other creditors of the participant and will not be subject to priority or preferential creditors 