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Keyword: ecb

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  • Spain's Banks Are Freaking Out As The ECB Is About To Take Away Their Liquidity Pump

    06/28/2010 2:58:10 PM PDT · by blam · 20 replies · 2+ views
    The Business Insider ^ | 6-28-2010 | Gregory White
    Spain's Banks Are Freaking Out As The ECB Is About To Take Away Their Liquidity Pump Gregory White Jun. 28, 2010, 5:05 PM Spain's banks are freaking out right now about the possibility that the ECB might take away its €442 billion funding facility, according to the FT. The ECB's plan to allow the funding facility to expire have been labeled "absurd" by Spanish banks lobbying for its continuation. You can see what Spanish banks are worried about. Here's a chart detailing the liquidity drop off if the ECB allows the fund to expire on July 1. From FT Alphaville:...
  • Bob Janjuah: This Recovery Is a Joke, And The ECB Can't Be Trusted

    06/04/2010 11:39:47 AM PDT · by blam · 2 replies · 396+ views
    The Business Insider ^ | 6-4-2010 | Gregory White
    Bob Janjuah: This Recovery Is a Joke, And The ECB Can't Be Trusted Gregory White Jun. 4, 2010, 12:41 PM Bob Janjuah was on CNBC Europe (via Zero Hedge) this morning discussing the realities of the European sovereign debt situation and how the threat is metastasizing to banks. He also said that the ECB can't be trusted like it was before, as it is now no different in how it will spend to the U.S. Fed. Janjuah was on the war path, broadly targeting the global recovery, and how, outside New York and L.A., the U.S. isn't pretty.(click to the...
  • The ECB Will Only Exacerbate Upcoming Deflation By Fighting The Wrong War

    05/31/2010 8:15:53 AM PDT · by blam · 1 replies · 227+ views
    The Business Insider ^ | 5-21-2010 | Vincent Fernando, CFA
    The ECB Will Only Exacerbate Upcoming Deflation By Fighting The Wrong War Vincent Fernando, CFA May 31, 2010, 7:36 AM While ECB president Jean-Claude Trichet remains concerned about maintaining his inflation-fighting credentials by, there are some who believe he's fighting the wrong battle. The ECB has been buying government bonds in a bid to bring down European sovereigns' interest rates, but in order to 'mop up' the liquidity this creates, the central bank has been taking short-term deposits from banks in an equal and countervailing amount. This has meant that the net new liquidity from these measures has been zero,...
  • BofA's Rosenberg: Expect German Reprisals When They Realize What Trichet Is Doing At The ECB

    05/18/2010 8:04:52 AM PDT · by blam · 5 replies · 411+ views
    The Business Insider ^ | 5-18-2010 | Joe Weisenthal
    BofA's Rosenberg: Expect German Reprisals When They Realize What Trichet Is Doing At The ECB Joe Weisenthal May. 18, 2010, 9:29 AM A lot of folks are calling out ECB chief Jean-Claude Trichet for his claim that buying European government debt on the secondary market is not the same as quantitative easing. Yesterday John Hussman called him out, noting that despite plans to "sterilize" the purchases by withdrawing liquidity, there's still the phenomenon of rotating the ECB's balance sheet away from healthy debt to toxic debt. BofA's Jeffrey Rosenberg (via ZeroHedge) sees the same thing: We believe undermining the Euros...
  • Trichet: economy in deepest crisis since WWII(& WWI)

    05/15/2010 8:57:07 AM PDT · by TigerLikesRooster · 7 replies · 495+ views
    AP ^ | 05/15/10
    Trichet: economy in deepest crisis since WWII Sat May 15, 6:51 am ET BERLIN – The President of the European Central Bank is quoted as saying that he still sees Europe's economy in its deepest crisis since World War II or even World War I. German News weekly Der Spiegel on Saturday reported that Jean-Claude Trichet said that since the beginning of the financial crisis in 2008 "we have experienced and we are experiencing really dramatic times."
  • ECB risks its reputation and a German backlash over mass bond purchases

    05/11/2010 11:13:42 AM PDT · by george76 · 17 replies · 504+ views
    Telegraph ^ | 11 May 2010 | Ambrose Evans-Pritchard
    The European Central Bank risks irreparable damage to its reputation by agreeing to the mass purchases of southern European bonds in defiance of the German Bundesbank and apparently under orders from EU leaders. the two German members of the ECB's council voted against the move, a revelation that may cause a catastrophic political backlash in Germany. Axel Weber, ultra-hawkish head of the Bundesbank, told Boersen-Zeitung that the emergency move over the weekend had been a mistake. "The purchase of government bonds poses significant stability risks and that's why I'm critical of this part of the ECB's council's decision, even in...
  • Tonight's Real Bombshell: ECB Will Begin Quantitative Easing

    05/09/2010 7:37:40 PM PDT · by blam · 12 replies · 1,220+ views
    The Business Insider ^ | 5-9-2010 | Joe Weisenthal
    Tonight's Real Bombshell: ECB Will Begin Quantitative Easing Joe Weisenthal May. 9, 2010, 9:22 PM Image: Markusram on flickr Amazingly, a €720 billion Eurozone bailout may not be the biggest news to come out of Europe tonight. Bigger, perhaps, is the fact that the ECB will begin buying securities on the secondary market -- quantitative easing -- according to Olli Rehn, EU Monetary Affairs Commissioner (per Bloomberg). On Thursday, Jean-Claude Trichet's seeming unwillingness to make this step was likely a contributor to the big tailspin. Apparently he's seen that he can't afford this. Also: ECB independence is now dead. For...
  • European Stocks Halt Sharp Sell-Off; Eyes On ECB

    05/06/2010 5:05:42 AM PDT · by blam · 3 replies · 220+ views
    Reuters ^ | 5-6-2010 | Blaise Robinson
    European Stocks Halt Sharp Sell-Off; Eyes On ECB Thu May 6, 2010 6:54am EDT StocksBy Blaise Robinson * FTSEurofirst 300 up 0.6 pct, halts sharp 3-week retreat * BNP Paribas's stellar results help support banking stocks * Alcatel tumbles after posting wider loss * For up-to-the-minute market news, click on [STXNEWS/EU] PARIS, May 6 (Reuters) - European stocks moved higher around midday on Thursday, as BNP Paribas's (BNPP.PA) stellar results helped the market halt a sharp sell-off sparked by escalating fears that Greek debt woes spread to other euro zone countries. Mining shares, recently hit by worries over Australia's new...
  • Aha! Today The ECB Announces The Real Greek Bailout, And It's The Nuclear Option

    05/03/2010 6:27:37 AM PDT · by blam · 21 replies · 1,031+ views
    The Business Insider ^ | 5-3-2010 | Joe Weisenthal
    Aha! Today The ECB Announces The Real Greek Bailout, And It's The Nuclear Option Joe Weisenthal May. 3, 2010, 5:51 AM This weekend we got details of an EU/IMF bailout agreement for Greece that basically involves big loans in exchange for big tax hikes and government spending cuts. The market was not all that impressed. The euro, after perking up initially, promptly resumed its slide. However this news is a much bigger deal. According to Bloomberg, the European Central Bank has announced the indefinite suspension of Greek collateral limits--meaning, basically, that banks can use Greek debt of any quality as...
  • ECB keeps lid on Greek bond data

    02/27/2010 6:13:50 AM PST · by TigerLikesRooster · 10 replies · 287+ views
    FT ^ | 02/25/10 | Gillian Tett
    ECB keeps lid on Greek bond data By Gillian Tett Published: February 25 2010 20:33 | Last updated: February 25 2010 20:33 Somewhere in the bowels of the mighty European Central Bank, there is a number that many investors would give a lot of euros to see. It refers to the volume of Greek government bonds that are now sitting in the ECB’s coffers, after being lodged there by European banks through central bank repo operations. Sadly, the ECB considers this number far too “sensitive” to release, even after a delay. Nevertheless, as fears about sovereign risk rise, those hidden...

    12/31/2009 12:59:38 PM PST · by streetpreacher · 131 replies · 1,811+ views
    Camp On This ^ | TUESDAY, NOVEMBER 24, 2009 | Steve Camp
    THE MANHATTAN DECLARATION and EVANGELICAL CO-BELLIGERENCE ...the ineffectual intersection of politics and faith     “The goal of both the church and the state is to advance the public good.” -Francis Beckwith     The ultimate goal of the church biblically is not the public good, but the glory of God in the proclamation and advancement of His gospel of sola fide. God, not the audience, is sovereign. The “public good” is political speak for tolerance. The gospel, however, does divide; it is a stumbling block, offensive and foolishness for those who are perishing.     Here we go...
  • Trichet talks up dollar

    09/28/2009 9:35:22 AM PDT · by the invisib1e hand · 4 replies · 240+ views
    trainofthoughts ^ | 092809 | trainofthoughts
    Sept. 28 (Bloomberg) -- European Central Bank President Jean-Claude Trichet said it is “extremely important” to have a strong U.S. dollar.
  • Jackson Hole: ECB president Jean-Claude Trichet rounds on his US critics

    08/23/2009 5:49:13 PM PDT · by bruinbirdman · 1 replies · 730+ views
    The Telegraph ^ | 8/23/2009 | Roland Gribben
    Jean-Claude Trichet, president of the European Central Bank, has rounded on his US critics over charges that he has been too cautious in the way he has handled the economic and financial crisis in the eurozone. He mounted the vigorous defence at the annual symposium organised by the Kansas City Federal Reserve at Jackson Hole, Wyoming, where the policies of the world's major central banks, the ECB, the US Federal Reserve and the Bank of Japan were examined by economists. The critics included Nouriel Roubini, the New York University professor credited with forecasting the crisis. They accused Mr Trichet and...
  • ECB staff to strike over pensions(typical Eurocrats)

    05/25/2009 9:23:02 AM PDT · by TigerLikesRooster · 2 replies · 327+ views
    FT ^ | 05/24/09 | Ralph Atkins
    ECB staff to strike over pensions By Ralph Atkins in Frankfurt Published: May 24 2009 22:29 | Last updated: May 24 2009 22:29 Staff at the European Central Bank have called their first strike, in a protest over planned changes to their pension scheme. A 90-minute warning strike will take place on June 3, just as the ECB’s 22-strong governing council arrives in Frankfurt for its monthly interest rate policy-setting meeting. The ECB said it would ensure that essential central banking activities were maintained during the protest action. Staff at European institutions are generally regarded as enjoying good benefits as...
  • CBs And Other "Real Money" Had Enough?

    05/22/2009 5:21:54 AM PDT · by TigerLikesRooster · 22 replies · 1,030+ views
    Market Ticker ^ | 05/21/09 | Karl Denninger
    CBs And Other "Real Money" Had Enough? Oh oh...... From the forum, wire from Reuters claimed original source: 21. There apparently is a new wrinkle to the intermediation trade between buying from Treasury to sell to the Fed with real money, including central banks, now in on the act. Indeed, several Street sources relay central banks were aggressive offers into this morning's coupon pass, with one letting go of a large block of old 5-years. Other offers too are coming in from embedded Asian real money longs -- in the higher coupons -- also looking to sell size without unduly...
  • Downturn bottomed out, Trichet signals(we love second derivative)

    05/11/2009 9:44:03 PM PDT · by TigerLikesRooster · 14 replies · 673+ views
    FT ^ | 05/11/09 | Chris Giles, Daniel Pimlott and Ralph Atkins
    Downturn bottomed out, Trichet signals By Chris Giles and Daniel Pimlott in London and Ralph Atkins in Frankfurt Published: May 11 2009 14:35 | Last updated: May 11 2009 20:36 Jean-Claude Trichet signalled on Monday that the global downturn had bottomed out with some large economies already able to put the recession behind them and look forward to renewed growth. OECD composite leading indicatorsThe European Central Bank president’s comments on Monday in Basel, Switzerland, had added weight because he was speaking on behalf of the world’s leading central bankers, not just for the eurozone. His remarks came as the Organisation...
  • ECB Drawing Up 'Bad Bank' Guidelines

    02/01/2009 2:42:18 AM PST · by TigerLikesRooster · 7 replies · 415+ views
    WSJ ^ | 02/01/09 | JOELLEN PERRY
    ECB Drawing Up 'Bad Bank' Guidelines By JOELLEN PERRY DAVOS, Switzerland -- The European Central Bank is drawing up guidelines for European governments that are considering so-called "bad banks" to house banks' toxic assets. The ECB is also working on guidelines for European governments that plan to guarantee toxic assets remaining on banks' books, another form of bank bailout. Both sets of guidelines are being drawn up with the European Commission. The ECB hopes the guidelines can help avoid competitive one-upmanship across the 27-nation European Union as nations seek to shore up struggling banks. The ECB, which makes monetary policy...
  • FTSE fails to hold rate cut gains (so do DJI and DAX)

    10/08/2008 8:34:04 AM PDT · by TigerLikesRooster · 42 replies · 638+ views
    FT ^ | 10/08/08 | Michael Hunter
    FTSE fails to hold rate cut gains By Michael Hunter Published: October 8 2008 08:41 | Last updated: October 8 2008 16:11 London equities failed to hold gains inspired by a co-ordinated emergency interest rate cut of 50 basis points from the world’s leading central banks on Wednesday, with resource stocks exerting pressure on the index amid concern about the outlook for global economic growth. The Bank of England, the US Federal Reserve and the European Central Bank as well as the central banks of Canada, Sweden and Switzerland reduced their key lending rates in a co-ordinated move to ease...
  • Fed and ECB announce half point cut in interest rates

    10/08/2008 4:20:37 AM PDT · by TigerLikesRooster · 71 replies · 1,886+ views
    World's leading economies -- led by U.S. Federal Reserve and European Central Bank -- announce half point cut in interest rates.
  • ECB sees crisis of "enormous proportions" as Spain creates mortgage rescue fund

    10/08/2008 1:45:34 AM PDT · by TigerLikesRooster · 11 replies · 552+ views
    Telegraph ^ | 10/07/08 | Ambrose Evans-Pritchard
    ECB sees crisis of "enormous proportions" as Spain creates mortgage rescue fund The European Central Bank has dramatically changed its tune over the last twenty-four hours as the credit freeze worsens, acknowledging for the first time that the world faces the gravest crisis since the Great Depression. By Ambrose Evans-Pritchard Last Updated: 8:34PM BST 07 Oct 2008 A string of governors from across the eurozone have today issued grim warnings in what seemed a coordinated move to prepare the markets for interest rate cuts, perhaps within days. Guy Quaden, Belgium’s ECB member, said the violent storm ravaging Europe’s banking system...