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Fed’s Dudley Says ECB Being ‘Quite Aggressive’ as Bank Backstop

Federal Reserve Bank of New York President William C. Dudley said the European Central Bank is providing a backstop to the continent’s banks.

The ECB “is being actually quite aggressive in being a lender of last resort to the European banking system,” Dudley, 58, said at a hearing of a House Oversight and Government Reform subcommittee in Washington. He pointed to the ECB’s three-year lending facility and its broadening of eligible collateral.

“Some people are arguing” the ECB should buy bonds directly from governments, which is “prohibited by treaty,” Dudley said.

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