herald

Monday 20 August 2018

Bank deal extended

IRISH banks will be able to tap the European Central Bank for significant amounts of cheap cash until at least October.

The move was announced after the ECB yesterday vowed to extend its 'full allocation' auctions.

Previously the ECB headed by Jean Claude Trichet, above, operated liquidity "auctions", where banks bid competitively for available money based on the interest rate they were willing to pay.

But this process was abandoned in favour of "full allocation" when the credit crunch hit.

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