Take-up of European Central Bank liquidity operations was this week lower than feared and served to highlight the growing contrast between banks that can fund in the wholesale markets and those that remain reliant on extraordinary measures for life support.
Eurozone bonds rallied on Wednesday after it was revealed that take-up at the central banks three month Long Term Refinancing Operation (LTRO) was Eu131.9bn from 171 banks, much lower than some observers had feared. However, 78 banks took as much as Eu111bn in a six day tender on
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