ECB allots $501 billion in short-term funding

Discussion in 'Wall St. News' started by ASusilovic, Dec 18, 2007.

  1. he European Central Bank allotted $501 billion (348 billion euros) to banks after offering unlimited funds, taking the coordinated action announced by four central banks last week a step further in a bid to alleviate the global credit crunch.
    In a statement, the central bank said late Monday that it would satisfy all bids for two-week funding at or above 4.21%. The move appeared to be aimed at satisfying any funding gaps as banks close their books for the year.
    Banks took 348.6 billion euros at the 4.21% rate, the ECB said on Tuesday.
    The new ECB plan already has succeeded where the coordinated action didn't -- two-week lending rates in the euro area have dropped to 4.5% from 4.9%.
    That's the second time in the bank's nine-year history, and the second time since August, that the ECB has offered unlimited funds}&siteid=mktw
  2. God bless socialism :cool:

  3. It's a shame!
  4. ....and not to forget : God bless the American subprime dream ! :cool:
  5. What's not to like when it comes to socialism?!?!?

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