ECB Drains 214 Billion Euros to Offset Government Bond Purchases
The European Central Bank said it drained 214 billion euros ($281 billion) in seven-day term deposits to neutralize the liquidity created by its government bond purchase program.
The Frankfurt-based central bank said 75 banks submitted bids totaling 438 billion euros. The ECB sterilizes its government bond purchases to ensure they don’t fuel inflation.
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