World

ECB's fire hydrant funding

Under the European Central bank's longer-term re-financing operation (LTRO) 800 banks took €530bn of three-year loans at 1 per cent on Wednesday. The next day they parked all that and more (€777bn) straight back at the ECB. Lex's Vincent Boland and Richard Stovin-Bradford discuss whether this eurozone quantitative easing is having the effect the central bank is hoping.