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

Dec. 16 (Bloomberg) -- 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.

To contact the reporter on this story: Caroline Salas Gage in New York at csalas1@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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