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Banks gorge on 530bln euros of ECB 3-year funds

03-01-2012 10:57 BJT

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European markets are digesting those figures from the ECB's second round of longer term refinancing operations. Banks took 529.5 billion euros for three years, at a rate of 1%. The amount comes in slightly higher than the median forecast for 500 billion and well above last round’s offering of 489 billion.

The injection fuels hopes on more credit flowing to business and further easing of government borrowing costs.

A total of 800 banks borrowed money at the tender, with demand exceeding the 500 billion euro expectation. The 3 year loans are the ECB’s latest attempt to fight the eurozone crisis.

The central bank’s president, Mario Draghi, said after the first operation that "a major, major credit crunch" had been averted.

The excess liquidity is seen likely to boost carry trades in which investors use lower-yielding currency to buy risker assets, which would weigh on the euro.

 

Editor:Zhang Rui |Source: CNTV.CN

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