[credit provider=”Financial Times photos via Flickr” url=”http://www.flickr.com/photos/financialtimes/6440873573/sizes/l/in/photostream/”]
This morning saw the results of the ECB’s massive liquidity operation.The operation — which has been the subject of intense chatter and speculation for the last couple of weeks in Europe — allowed banks to borrow super-cheap money for up to 3 years while putting up a wide range of collateral of varying qualities.
The operation has seen over 500 banks tender 489 billion EUR in collateral.
You can see the full results here.
This is at the very high end of expectations. Some firms had expected half this.
What it means is that there’s been a jolt of liquidity in the system, a very big increase in the ECB’s balance sheet (QE anyone?) and the potential for banks to use some of this cash to buy sovereign debt, although that’s a little dicey.
ORIGINAL POST: Should be any minute now.
Results from the ECB’s latest liquidity operations are supposedly coming out imminently.
We’ll have the full coverage here.
You can read a full preview here.