Banks tapped the European Central Bank for EUR25.127 billion Wednesday in its first three-month refinancing operation, since the ECB pumped more than EUR1 billion into the euro-zone banking system through two three-year loan operations.
In February, the same day when the ECB allotted EUR529.53 billion of three-year loans at a 1% interest rate, the central bank also allotted EUR6.496 billion of three-month loans.
Wednesday's allotment indicates that three-month borrowing has probably returned to levels seen before the three-year tenders.
Wednesday's offer attracted 48 bids. The ECB doesn't disclose the identity of the bidders by any measure.
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