I’m not sure if this includes LTRO2 or not, but definitely doesn’t count government bonds held as part of SMP. The central bank is supporting equity valuations and sub debt valuations at its own risk. There needs to be some culling and pain at those levels since the risk being taken hasn’t done much and lately we are moving further from any form of free markets in regards to the banks.
+——————————————————————————+
BN 03/05 11:22 *ECB FINANCING TO PORTUGUESE BANKS WAS EU46.477 BLN IN JANUARY
BN 03/05 11:22 *ECB FINANCING TO PORTUGUESE BANKS WAS EU47.554 BLN IN FEBRUARY
BN 03/05 11:22 *ECB FINANCING TO PORTUGUESE ROSE IN FEBRUARY :1174Z PL, BCP PL
+——————————————————————————+
ECB Financing to Portuguese Banks Rises to 47.6 Billion Euros
2012-03-05 11:25:35.948 GMT
By Anabela Reis
March 5 (Bloomberg) — The European Central Bank’s
financing to Portuguese lenders rose for a fourth month in
February, the Bank of Portugal said.
ECB financing increased to 47.6 billion euros from 46.5
billion euros in January, the Lisbon-based Bank of Portugal said
today on the BPStat portion of its website. ECB financing levels
peaked at 49.1 billion euros in August 2010.
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Anabela Reis at +351-21-340-4650 or
areis1@bloomberg.net
