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 ...
Enjoy access to all articles and 25 years of archives, comment and gift articles. Become a member for as low as €1,75 per week.
Already a member? Login