Not so fast! The first of the European Central Bank’s one-year emergency loans to eurozone banks is due to be repaid today amid pleas to renew the 12-month lifeline. Some fear that repayment of the €442bn facility could trigger a credit crunch for eurozone banks such as Spain’s unlisted savings banks, or cajas, and the banks of Greece, Ireland and Portugal. They have struggled to fund themselves in interbank markets and depend heavily on ECB funding. The ECB, although keen to wean banks off its liquidity support, has partially addressed such concerns by offering them
不要这么快！欧洲央行(ECB)向欧元区银行提供的第一批一年期紧急贷款将于今日到期，银行纷纷要求再提供12个月期的贷款。一些人担心，偿还4420亿欧元贷款可能引发部分欧元区银行的信贷危机，比如西班牙未上市的储蓄银行（即地区性金融机构）以及希腊、爱尔兰和葡萄牙的银行。这些银行很难在同业拆借市场获得资金，因此严重依赖欧洲央行的融资。欧央行尽管热切希望银行戒除对其流动性支持的依赖，但还是通过提供3个月期贷款，在一定程度上缓解了这种担忧。再说，担忧也可能有些过头：昨日拍卖出的短期流动性只有1320亿欧元，远远低于市场预期的2500亿至3000亿欧元，这表明银行对获取资金自我感觉更容易。欧洲银行股在周二大幅下跌后昨日出现轻微反弹。