BARCLAYS TAKES A ECB EMERGENCY LOAN OF 8.2BN EUROS COURTESY OF THE FEDERAL RESERVE $1.6 TRILLION X-MAS LOAN

March 2, 2012 18:58 2 Comments

Barclays borrows 8.2bn euros from ECB

Barclays has earmarked 6.2bn euros for Spain and 2bn euros for Portugal

2 March 2012 Last updated at 15:34

http://www.bbc.co.uk/news/business-17230797

Barclays has confirmed that it borrowed 8.2bn euros (£6.7bn) from the European Central Bank’s (ECB’s) latest long-term refinancing operation (LTRO).

It is the fourth British bank to reveal that it accessed the low-interest three-year loans.

It said it would use the money to manage the risk associated with funding gaps in Spain and Portugal.

Barclays did not take any cash from the ECB’s previous offer of such loans in December.

The BBC’s business editor, Robert Peston, says that given the cheap interest rate at which the money is offer these loans are arguably a susbsidy by eurozone taxpayers for UK financial institutions.

On Wednesday the ECB said that 800 banks across the European Union had accessed 530bn euros through its LTRO.

In December, more than 500 banks borrowed 489bn euros.

Of the other big four British banks, Lloyds borrowed 13.6bn euros in the latest auction, HSBC borrowed 5.6bn euros, most of it in the first auction, and RBS borrowed 10bn euros across both auctions.

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2 comments on “BARCLAYS TAKES A ECB EMERGENCY LOAN OF 8.2BN EUROS COURTESY OF THE FEDERAL RESERVE $1.6 TRILLION X-MAS LOAN”

  1. THEUNHIVEDMIND on said:

     
    Do you recall when I put the banner below online? It was on the 26th of February 2011 and now look what comes out in the mainstream media a whole five days later. I told you that Barclays were in trouble and well heres the proof for you all finally.

    -= The Unhived Mind

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