• 2 LTROS of 36 months!
  • Full allotment for banks at fixed rates (very aggressive and a form of QE)
  • Easier collateral rules for asset-backed securities
  • National central banks allowed to accept bank loans as collateral
  • ECB cuts reserve ratio to 1% from 2% effective January 18
  • ECB to discontinue fine-tuning operations at end of maintenance period
  • All non-standard measures are temporary in nature

Bottom line: No announcement of increased bond buying (as expected) but very aggressive steps to reduces strains in money markets. Impressive.