An exceptional communication challenge faced Jean-Claude Trichet, the European Central Bank president, yesterday afternoon. The latest stages in the central bank’s exit strategy were hammered out after lengthy discussions in the governing council. The result was that the complex series of announcements appeared to have been pasted into Mr Trichet’s statement at the last minute.
The ECB tried to do its best, but I’m not sure how effective it was. This is taken from the press release and is meant to explain how it will calculate the interest to be paid on 12-month liquidity it supplies later this month.