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JPMorgan’s Dimon Says ECB Has Removed Bank Failure Risk for Now

The European Central Bank’s move to provide three-year loans to the region’s banks and accept a wider variety of collateral has eliminated the risk a bank runs short of funds for at least the next year, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said.

“It eliminates bank liquidity or funding problems for at least the next year, that’s a pretty powerful statement,” Dimon said today after his company reported a drop in fourth-quarter net income. “That was the biggest single risk of an uncontrollable surprise right there, so if that’s taken off the table, that’s a good thing.”