Playing Tricks on the European Central Bank

Gudrun Johnsen

Chapter Chapter 9 in Bringing Down the Banking System, 2014, pp 97-106 from Palgrave Macmillan

Abstract: Abstract In early 2008, the three banks weren’t just experiencing lack of liquidity in Iceland; they also lacked foreign currency, as well as assets to pledge as collateral. Through their subsidiaries in Luxembourg, the banks had access to collateralized lending of the European Central Bank (ECB), the so-called main refinance operations, which are short-term loans, usually for a week.

Keywords: Foreign Currency; European Central Bank; Bond Issue; Market Operation; Refinance Operation (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-34735-0_9

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DOI: 10.1057/9781137347350_9

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