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    ECB steps up bond purchases to euro3.8 billion

    Associated Press – Mon, Jan 16, 2012

    FRANKFURT, Germany (AP) — The European Central Bank stepped up its purchases of government bonds to euro3.8 billion ($4.85 billion) last week, increasing use of a tool that has helped keep indebted eurozone governments from financial collapse.

    The purchases announced Monday compared to euro1.1 billion the week before.

    The purchases help contain elevated borrowing costs for heavily indebted countries such as Spain and Italy. They do that by driving down the interest yield on bonds in the secondary market, reducing the rates paid when countries borrow.

    Fears of default have led to higher interest costs that magnify default fears in a vicious circle. Greece, Ireland and Portugal have already needed bailouts for that reason.

    THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

    FRANKFURT, Germany (AP) — Banks deposited a record euro493.3 billion ($630 billion) at the European Central Bank on Friday night in a sign the eurozone banks remain concerned over a government debt crisis.

    The overnight figures released Monday exceed the previous record of euro490 billion deposited on Thursday.

    Banks are awash with ready cash thanks to euro489 billion in low interest crisis loans handed out to 523 banks by the ECB in late December.

    But many are afraid to lend the money to another bank for fear they won't get paid back. Banks face potential losses on government bonds issued by countries with heavy debt levels.

    Some banks are also believed to be hoarding the ECB loan money to pay off their own bonds maturing this year because they can't issue new bonds.

     

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