Banks turn to ECB for €530bn in loans

The European Central Bank has injected an additional €529.5bn into the eurozone financial system, taking the total supplied to banks under the new three-year loan programme beyond the €1tn mark.

A total of 800 banks took advantage of the second phase of the scheme, with February take-up edging ahead of demand in the debut December operation when 523 banks borrowed €489bn. Broader collateral rules drew in smaller banks, with more than half of the 800 institutions that borrowed money accounted for by German lenders, officials said.

But the news came as Peter Sands, chief executive of Standard Chartered bank, attacked the glut of central bank money being pumped into economies around the world, warning that central bankers “risk laying the seeds for the next crisis”.

Read Full Article from Financial Times

- Posted: 2012-02-29 12:01:11

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