European Central Bank President Mario Draghi cut interest rates and offered banks unlimited cash for three years while steering clear of any signal the ECB will buy more bonds to stem the region's debt crisis.
The Frankfurt-based ECB today reduced its benchmark rate by a quarter percentage point to 1 percent, matching a record low. It pledged for the first time to offer banks unlimited cash for three years and loosened the collateral rules it imposes when lending to financial institutions.
The measures "should ensure enhanced access of the banking sector to liquidity," Draghi told reporters in Frankfurt today after chairing a meeting of the ECB's Governing Council.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
