This page has been archived and commenting is disabled.
Something Goes Bump On European Halloween: ECB's Marginal Facility Usage Soars
Europe is, supposedly, fixed: between the upcoming one year anniversary of the 3 year LTRO, which has flooded the continent in excess €1 trillion of liquidity, and the OMP, which has supposedly backstopped sovereigns in perpetuity (even though the market has fully frontrun what now appears to be a massively unpopular political decision, as Spain has been demonstrating for the past 2 months), European bank liquidity needs are supposed to be fully taken care of. Yet something went bump on Halloween. As the ECB reports, borrowing on the prohibitive, and largely "last resort" ECB "Marginal Lending Facility" (whose rate is an usurious 1.50%), one or more banks saw their need for EUR explode in the last day of the month, sending overall usage on this credit line to €7.8 billion, the most since mid-March, and a surge of over €7 billion overnight. What spooked European banks so much (whose liquidity needs are not month or quarter-end window dressing driven) that the ECB had to step in on top of everything else it has already done? We will surely find out soon.
Source: ECB
»
- 8658 reads
- Printer-friendly version
- Send to friend
- advertisements -
Pretend and extend......to infinity and beyond.
Pocket money for Spain until the election .. USSA's that is.
This is what the start of the unwinding of a non-fix fix looks like.
Paying one credit card off with the 97th credit card and getting eaten alive by interest to those that aren't sure what they are looking at.
Low or high doesn't matter when discussing trillions. Do ECB civil servants and military (tax collectors now) expect to be paid in four days is my question?
They were handing out euros to the kiddys since candy cost to much.
Correction; there weren't enough euroes even to buy one candy bar, talk about inflation...
The merry-go-round is slowing again - who might fall off this time?
Hallow halls echo-- reach back in time for the memorex tapes.
From last night.
http://www.mining.com/germans-begin-to-demand-their-gold-back-after-new-york-federal-reserve-rebuffs-access-requests-52759/
Those poor guys, they must realize deep down they own Schrodinger's gold.
"Bundesbank board member Carl-Ludwig Thiele has urged calm, however, referring to some of the debate surrounding the gold to be "rather grotesque" and stating that the hoard is in the care of "highly respected central bankers" as opposed to "dubious business partners."
Dear Germany, I'm afraid your gold has been spent on high living, hookers, and blow.
What's OMP? Do you mean OMT?
so once that source is tapped out the "reset" can begin...starting with i imagine the collapse of the Swiss property bubble. Should be interesting to see how that bucky ball bounces around the global economy. the big story is still Sandy's Aftermath. I know no one wants to know how "screwed up New York and the Greater Metro area is" but the bottom line is this is having...currently...a major FINANCIAL as well as economic impact. If that New York Subway system is shut down for say...six months...that's a lot of money that will never be recovered "system wide." it will have to borrowed in order to run the system. yikes! time to buy a thousand City buses! happy commuting!
A last binge before the election?
Just one more high and then I'll stop.
they have twelve step help for that. i been trying to make work for decades and still keep on stepping :)
Hush money.