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Irish banks borrow E119bn from the ECB


Ulster-Lad

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Oct 26, 2006
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Irish based banks and other financial institutions raised their borrowings from the European Central Bank by 25pc in just under a month to a total of E119.1 billion, the Central Bank said today.
BUSINESS WORLD - Irish banks borrow E119bn from the ECB

There you have it, we are definitely going the wrong way. Where will the money come from to repay this? 25% increase in borrowing in September.
 

firefighter

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Sep 21, 2010
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State-owned Irish banks.

I wonder how much money these Irish banks are lending the Government? lol.

I've heard most County Councils and Town Councils have six or seven (even eight) figure "overdrafts".

Anyway, this is one way of "maintaining our sovereignty". The kind of accounting gymnastics that got us into this mess in the first place.
 

Holy Cow

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This is money borrowed to buy those junk government bonds.
 

Indiansign

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Apr 13, 2010
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At what interest rate are the banks borrowing this €119bn? Is it the ECB REPO rate of 1%?

If so, what's with all the carping about the alleged high cost of funding, which they "have to" pass on to their variable rate mortgage customers. Anyone?
 

Holy Cow

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Now we know why we are not going near anymore bond auctions, the well is dry.
 

HarshBuzz

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this is only because no-one else will lend to them
 

Indy-pendant

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Ulster-Lad

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Holy Cow

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