Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  September 02, 2010 15:54:06

Trichet: ECB to extend emergency loans to banks until 2011, rates remain unchanged

According to ECB chief Jean-Claude Trichet, the ECB extended emergency line of credit for emergency loans to banks until 2011. The main reason is the continuing risk of a crisis caused by the uncertain developments in the U.S., which could negatively affect the developments in the euro area.

ECB to maintain a supply of unlimited sources of liquidity for a week and 1 month and at least until the 18th January. ECB offers in Q4 of this year the market every month with a three-month interest rate loans tied to the average rate of principal due during the entire loan.

The ECB is trying to hold up the European recovery. According to Trichet, the central bankers remain vigilant and cautious, ready to do everything you will need to maintain price stability in the Euro-region in the medium term.

Trichet to these comments came after the Bank Board of the ECB decided to maintain rates at a historic low at 1%. At this level, basic euro rate persists for 17 month.

The ECB also raised its forecasts for eurozone growth this year from the previous 1 to 1.6%. Estimates for 2011 have risen from 1.2 to 1.4%.

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Trichet: ECB prodlouží krizové půjčky pro banky až do roku 2011, sazby se nemění

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