Thursday, September 27, 2007
Record lending from the ECB to distressed bank(s) yesterday
Banks Borrow 3.9 Billion Euros at ECB's Penalty Rate
Sept. 27 (Bloomberg) -- The European Central Bank lent the most money at its penalty rate in almost three years, suggesting at least one bank is still being shut out of credit markets. The ECB loaned 3.9 billion euros ($5.5 billion) at its marginal rate of 5 percent yesterday, the most since October 2004, the Frankfurt-based central bank said in a daily borrowing-requirement statement today. It didn't provide details of which bank or banks asked for the money.
Posted by jeremiah @ 02:57 PM (634 views)
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planning4acrash says:
It is ironic that we in the UK borrow more than Europeans but our banks have hardly required anywhere near as much support as has been provided by the ECB.