Author (Person) | Phillips, Leigh |
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Series Title | EUObserver |
Series Details | 6.10.11 |
Publication Date | 07/10/2011 |
Content Type | News |
With tensions rising in the eurozone banking system, the President of the European Central Bank Jean-Claude Trichet announced on the 6 October 2011 that the ECB would later in October 2011 offer banks unlimited 12 month loans, and, in December 2011, unlimited loans lasting almost 13 months until early 2013. Meanwhile, unlimited weekly, monthly and three-month loans would continue to be provided at least until mid-2012 and the ECB would also buy €40bn of covered bonds, which are issued by banks and backed by mortgages or public sector loans and are regarded as ultra safe investments. The result should be to give banks better planning security, with the aim of unblocking financial markets paralysed by investor nervousness. |
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Source Link | Link to Main Source http://euobserver.com/19/113845 |
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Subject Categories | Business and Industry, Economic and Financial Affairs |
Countries / Regions | Europe |