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Relief spreads on ECB three month take-up but numbers might not tell the whole story

Banks asked for Eu131.9bn in three months funding from the ECB on Wednesday, much lower than the market had been expecting — some analysts had predicted European banks might take as much as Eu250bn faced with expiry of the Bank’s Eu442bn one year refinancing facility on Thursday. The sense of relief was palpable with many interpreting the lower amount as an indicator of improved liquidity — European bank shares strengthened on the news.

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