Liquidity auctions: What did we learn?

Escrito el 24 Diciembre 2007 por Juan Toro en Financial Markets

Last week Central Banks were pretty active on providing the
needed liquidity to avoid any cash stress as we got into the New Year. Initially everything seemed as the implementation of the agreements on liquidity provision reached by the main Central Banks on the 12th of December. However things have evolved differently. The size of the auction in Europe was much higher than expected. Probably many US/UK banks were among the main bidders for this funding, even if there were special dollar funding auctions programmed by the ECB. Not withstanding, the end result has been achieved: to soften tension in the money markets as we got into the New Year. Looking at the auctions delivered by the three main Central banks (European Central Bank-ECB-, Bank of England


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