ECB bought EUR 338 mln in government debt last week

For all the wailing and gnashing of teeth about the ECB buying Irish debt last week, the bank bought only EUR 338 mln, taking its total purchases since the spring to EUR 60.5 bln.

The Irish gilt market ain’t all that deep, so the modest cumulative purchases are not that much of a surprise…

The ECB will drain the EUR 60.5 bln in a money market operation tomorrow, as it does every week….