ECB injects three-month funds outside regular schedule

MNB

The European Central Bank (ECB) injected three-month funds worth €40 billion ($54.2 billion) into Europe’s banking system Thursday to ease lending between commercial banks.

This is the first time for the central bank of the 13-state eurozone to allot three-month funds into commercial banks outside its normal monthly schedule. The move was “a technical measure aimed at supporting the normalization of the functioning of the euro money market,” the Frankfurt-based central bank said. According to local media reports, some 146 banks had bid for the latest European Central Bank funds, compared to 144 at the ECB’s regular allotment of three-month funds on July 25. The banks asked for a total of €125.8 billion ($170.76 billion) in funding, and the ECB allotted its €40 billion at an average rate of 4.61%.

Over the past weeks, the ECB has pumped more than €200 billion ($271.5 billion) into the banking system to counter fears that the banks have been widely exposed to losses from the home loans crisis in the United States. (people.com.cn)

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.