Amount is well above expectations of a around 300 billion euros.
New record for size, 1121 bidders.
Related:
ECB braced for record call on one-year funds
Euro 3-mth Libor hits new low after ECB 1-yr tender
ECB pumps record €442bn into system
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June 24th, 2009 at 4:54 pm
Thanks for covering this JCK. The following comment is amusing.
… tomorrow’s offer will be available at the ECB’s main interest rate of just 1 per cent, the lowest ever ….
“If I were a bank I would be gathering up all the furniture to use as collateral to take part.” said Erik Nielsen, European economist at Goldman Sachs.
June 24th, 2009 at 5:34 pm
And I guess that the banks did just that, as the volume is way above the 300 billion that was expected. Perhaps there is a lesson for the fed here, instead of gimmicks like the TALF, if it wants to put money in the system, just do it a la ECB…