Thursday, June 25, 2009
ECB Lends Record $622 Billion in Bid to Ease Crisis
The European Central Bank pumped a record €442 billion ($622 billion) into euro-zone money markets Wednesday in its first-ever offer of one-year funds as it battles the Continent's recession.
Euro-zone banks borrowed the one-year funds, the largest amount the central bank has ever dispersed in a single shot, at the ECB's current key rate of 1%. Much of the total likely substituted for amounts banks had been borrowing from the ECB for shorter periods, so the net stimulus to the economy is less than it appears at first sight...
CNBC: ECB Lends Record $622 Billion in Bid to Ease Crisis
Euro-zone banks borrowed the one-year funds, the largest amount the central bank has ever dispersed in a single shot, at the ECB's current key rate of 1%. Much of the total likely substituted for amounts banks had been borrowing from the ECB for shorter periods, so the net stimulus to the economy is less than it appears at first sight...
CNBC: ECB Lends Record $622 Billion in Bid to Ease Crisis
Permalink posted by markw @ 5:26 AM 
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