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ECB Drains 214 Billion Euros to Offset Government Bond Purchases

April 10 (Bloomberg) -- The European Central Bank said it drained 214 billion euros ($280 billion) in seven-day deposits to neutralize the liquidity created by its government bond-purchase program.

The Frankfurt-based central bank said 66 banks submitted bids totaling 365.3 billion euros. The ECB sterilizes its government bond purchases to ensure they don’t fuel inflation.

To contact the reporter on this story: Gabi Thesing in London at gthesing@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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