The European Central Bank has announced new loans to banks amid mounting fears across Europe of a fresh credit crunch paralysing the continent’s economy.
In his last press conference as president of the Frankfurt-based institution, Frenchman Jean-Claude Trichet on Thursday (6 October) said that the ECB would be providing unlimited 12-month and 13-month loans to banks and that the bank would purchase some €40 billion in covered bonds - debt securities backed by cash flows from mortgages ...
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