The European Central Bank (ECB) took €820.8 billion (about $1.08 trillion) in overnight deposits on Friday, a new record amount. The previous record of €777 billion (about $1.02 billion) was set last Thursday, following the second of the ECB’s long-term refinancing operations (LTRO).
The two ECB LTRO offerings pumped more than €1 trillion into the eurozone’s banks. The cash infusion comes at a 1% interest rate for three years, which most of the banks are using to repurchase old sovereign bonds in order to purchase new ones.
The ECB is hoping that at the end of three years all the eurozone’s sovereign debt problems will be solved. It had better be right.
ALERT: Take This Retirement Quiz Now (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
