Economy

xchrom

(108,903 posts)

30. Europe's banks scramble for cheap ECB loans

Wed Dec 21, 2011, 09:17 AM

Dec 2011

http://www.aljazeera.com/business/2011/12/2011122111133916994.html

The European Central Bank (ECB) has offered a massive cash injection by offering three year loans to banks in an attempt to inject investor confidence in the eurozone.

European banks have the first of two opportunities to get the three-year money on Wednesday, as the ECB hopes to sell up to $590bn worth of loans.

It is the ECB's latest and most dramatic attempt so far to help banks bolster their finances.

The move is intended to minimise the chances of banks responding to the current eurozone turmoil by slamming the brakes on lending.

this quote:"If the banks form a kind of cartel and extend that help to the governments, the ECB might be helping sovereigns indirectly"

- Christian Schulz,
Berenberg Bank's senior economist

*** and here i thought they were a 'cartel'.

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