Wall Street Journal
February 17, 2011
Use of the European Central Bank's emergency marginal-lending facility skyrocketed Wednesday, hitting its highest level in more than 19 months, the ECB said Thursday.
The ECB said banks borrowed €15.801 billion ($21.44 billion) from the facility, which charges a punitive rate of 1.75%. The last time the total was that high was just before the ECB's first, and largest, injection of 12-month money into the market in June 2009.
The ECB declined to give any explanation for the high figure. High borrowing levels generally reflect acute, if mostly short-lived, liquidity problems at one or more banks.
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