No shit sherlock…..
- ECB’s cheap 3 year loans fended off risks of liquidity crunch, funds circulating in economy
- ECB ready to provide 3 year funding in February, using principle of full acceptance
- Banks’ dependency on ECB short-term funding rising (not a good thang!!)
- ECB non-standard measures cannot be of long-term nature, politicians must do homework
- 3 year cheap loans’ results show non-standard measures significant funding boost, spur confidence
- Market still not functioning, we see some rebound in unsecured securities but we are in early stage
- Bond-buy programme neither automatic, nor without limit
