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European October Bank Funding Stress Worsens At Double September Pace

Tyler Durden's picture




 

This morning, the ECB announced that use of deposit facility as of Friday hit €202 billion (while use of the marginal lending facility jumped to €4.6 billion, confirming that in addition to the USD shortage expressed by the 50-somethingth sequential increase in USD Libor from 0.418% to 0.42%, European banks now have a EUR shortage as well, and hence the FX repatriation and EURUSD levitation). As the chart below reminds, the ECB deposit facility usage is already past the second highest MRO cycle peak, having now surpassed the August peak high of €198 billion. But it's worse than that, because while the events of September lead to the first week of October when the whole world appeared set to implode until the FT rumor (since mocked repeatedly) of a European bail out hit on October 4th leading to a relentless market melt up, in the current post reset cycle, things are coming to a head much faster. To wit, the number of days it has taken since the deposit facility usage reset post MRO, since the beginning of the cycle, is now a mere 11 days: this is how long it took to go from €62 billion to €202 billion. In the previous, September, cycle, it took double that, or 20 days, to get from €76 billion to €210 billion. It seems that for all talk of European improvement, the key angle of the European "triangle of terror" - Bank Funding Stress, is now the worst it has been in all of 2011 and the worst since the first, and very much unexpected, Greek bailout in May 2010.

As usual, the market will be 4-6 days slow in processing this information.

 

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Mon, 10/24/2011 - 07:38 | 1803707 westboundnup
westboundnup's picture

No worries. Indices all up today.

Mon, 10/24/2011 - 07:39 | 1803710 paarsons
paarsons's picture

Final analysis?

We're fucked!!!!

Quick!

Run to the hills!!!!!

http://geraldcelente.proboards.com

Mon, 10/24/2011 - 08:06 | 1803760 Broken_Trades
Broken_Trades's picture
Vatican Calls for 'Central World Bank' to Be Set Up Published: Monday, 24 Oct 2011 | 6:54 AM ET

The Vatican called on Monday for the establishment of a "global public authority" and a "central world bank" to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.

 

http://www.cnbc.com/id/45013499

Mon, 10/24/2011 - 13:02 | 1804873 JW n FL
JW n FL's picture

 

 

"O"Good!!

Lets give the Bankers the same power under a different look!

A Banking, Global.. Face Lift! LOVELY!!

Just what We the People need!

One World Bank!

One World Dollar!

One Ruling Class that still Rules!

and the rest of us can fuck the fuck off!

Mon, 10/24/2011 - 07:39 | 1803709 dbells32
dbells32's picture

This tells the story...when funding markets are this bad you know something is systemically wrong

Mon, 10/24/2011 - 07:40 | 1803713 PaperBear
PaperBear's picture

This slow motion train wreck is doing my head.

Mon, 10/24/2011 - 07:51 | 1803725 topcallingtroll
topcallingtroll's picture

Yeah I am kinda getting burned out on
TEOEURAWKI ( THE END OF EUROPE AS WE KNOW IT)

I dont guess its gonna happen.
Slow motion train wreck might take ten more years. And that would be enough time to solve it. Hence this big blow up is likely to turn out to be much ado about nothing.

Mon, 10/24/2011 - 07:40 | 1803714 Sequitur
Sequitur's picture

Fuck bankers.

Fuck central banks.

Fuck Geithner.

Fuck Bernake.

Light this fucking candle.

Mon, 10/24/2011 - 09:17 | 1803948 nantucket
nantucket's picture

reminds me of Tool lyrics on the song aenema:

There are anger issues with that guy.

Mon, 10/24/2011 - 17:39 | 1806082 Hedge Fund of One
Hedge Fund of One's picture

Too net short? Lighten up and re-set. 

Mon, 10/24/2011 - 07:41 | 1803715 GeneMarchbanks
GeneMarchbanks's picture

'As usual, the market will be 4-6 days slow in processing this information.'

So.. next Saturday, then?

Mon, 10/24/2011 - 07:44 | 1803718 EurekaTKE
EurekaTKE's picture

Hopium ususally wears off on Sunday evening when the futures start trading.

Mon, 10/24/2011 - 07:47 | 1803721 spankoMD
spankoMD's picture

offtopic, but important:

http://rossifocardifusion.com/dr-rossi-and-his-e-cats-coming-to-america

Could be the end of big oil, just wanted to check if ZH-ers know about this...? So burn me down or ignore me, but please read.

thx

Mon, 10/24/2011 - 07:55 | 1803733 topcallingtroll
topcallingtroll's picture

Not worth reading.

Just another fraudster with cold or near cold fusion.

The alchemists of our age.

Mon, 10/24/2011 - 08:22 | 1803763 spankoMD
spankoMD's picture

His machine has been independently replicated by Nytechnic, a Swedish sceptic organization which is now testing his 1 megawatt setup... not bad for an alchemist.

your reply reminded me of Stanton Friedman:

"Do your research by proclamation... "

"Dont bother me with the facts, my minds made up"

'Dont attack the research, attack the man, its far easier"

 

Mon, 10/24/2011 - 08:06 | 1803764 spankoMD
spankoMD's picture

His machine has been indepenently replicated by Nytechnic a Swedish sceptic organization which is now testing his 1 megawatt setup... not bad for an alchemist.

"Research by proclamation FTW"

"Dont bother me with the facts, my minds made up"

'Dont attack the reasearch, attack the man, its far easier"

 

Mon, 10/24/2011 - 08:40 | 1803834 LawsofPhysics
LawsofPhysics's picture

By all means, please point me to the peer-reviewed primary literature or the pending patent.  I have access to both and would be happy to take a look.  Working on light-driven hydrogen production myself.  There ten or so such devices out there that all "work" at some level, but not well enough to come even close to solving the world's problems.  In many cases you get more energy out of simply buring your waste to drive a small steam turbine.  But I digress, always worth a look.

Mon, 10/24/2011 - 08:49 | 1803851 spankoMD
spankoMD's picture

Thanks for a serious reply, (or i missed the /sarc).

The patent is viewable here:

https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0ByR1FlnuncdYZGZiYmFhMDEtYjYwNi00OWIyLTg1ZDMtY2NkMjgzZjZiMjcw&hl=sv

Here is the review page from Nytechnik

http://www.nyteknik.se/taggar/?tag=Cold+Fusion

 

Please if your conclusions point to this being a outright lie... please tell me. thx

Mon, 10/24/2011 - 12:29 | 1804732 h3m1ngw4y
h3m1ngw4y's picture

the third time is a tiger, eh?

Mon, 10/24/2011 - 07:48 | 1803722 spankoMD
spankoMD's picture

offtopic, but important:

http://rossifocardifusion.com/dr-rossi-and-his-e-cats-coming-to-america

Could be the end of big oil, just wanted to check if ZH-ers know about this...? So burn me down or ignore me, but please read.

thx

Mon, 10/24/2011 - 07:57 | 1803742 topcallingtroll
topcallingtroll's picture

If you think cold fusion fraudsters are funny then read this.

Otherwise dont waste your time.

Mon, 10/24/2011 - 07:51 | 1803726 HD
HD's picture

I'm sorry Mr. Banker - we can't approve your loan at this time. We apologize for any inconvenience. Here is a free toaster...we suggest you plug it in and jump in a bath tub full of water - we will reconsider your loan at that time.

Mon, 10/24/2011 - 07:52 | 1803727 Tense INDIAN
Tense INDIAN's picture

theres something to be happy about :::

 

http://www.youtube.com/watch?v=fxNeW9UhhO0&feature=player_embedded

Mon, 10/24/2011 - 08:36 | 1803824 ivars
ivars's picture

This was a productive weekend!

I think I finally managed to match them! Of course, crash (mimicking recession in q1 2012 in the USA and probaly worldwide) is there for all to be seen:

Now I have a really superb forecasting /history study interest tool . Have a look at exercise behind matching GREAT DEPRESSION and GREAT RECESSION timelines for the first time ( once  I managed to patternalize ( ?) OUT FED's grip on USA stock market prices)  and, as usual, better visibility charts plus explanations here:

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=34732#p34730

And here:

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=34732#p34732

The supplement chart for rereading the history of GREAT DEPRESSION and rethinking the future as time line can be extended as well:

http://farm7.static.flickr.com/6055/6273870574_8de9d22b08_o.png

http://farm7.static.flickr.com/6217/6273870954_52bd042a99_o.png

http://farm7.static.flickr.com/6232/6273871980_62a22ec234_o.png

Mon, 10/24/2011 - 10:07 | 1804111 slewie the pi-rat
slewie the pi-rat's picture

slewie's triangle of terror = sarko + merko+ lagardo

aka:  Bich-Slap Banking Theater

Do NOT follow this link or you will be banned from the site!