A lot of smaller and mid tier European banks are heavy derivative users for purposes of hedging their own business risks and for hedging uncollateralized derivatives written with non financial clients. What are the views/experiences around whether or not these institutions are now allowing for the impact their funding costs have on the relative hedge notionals of trades with and without margin? My guess is where this is most relevant is in the case of longer term IRS transactions and in the hedging of structural currency mismatches (long ? v short $) with currency swaps.