All I Want for Christmas is . . . Eu 489.2 bn

That's the demand for three-year money by 523 Eurozone banks that has just been satisfied by the ECB, lending at its average benchmark rate (currently 1%), accepting as collateral paper including Spanish and Italian bonds.

How much is Eu489.2bn?

For the ECB, it's equivalent to:

• 55.4% of the total Euro note issue;
• 73.6% of the gross amount of its previously outstanding gross lending to Eurozone credit institutions;
• It is twice the previously outstanding net lending to Eurozone credit institutions.
• It is six times the ECB's outstanding capital, and 20% of its previously total balance sheet.

For the banks, it is worth:

• 54% of the banks' total net foreign assets
• 11.8% of gross foreign liabilities
• 4.5% of the deposit base
• 21 months of new lending to the private sector at current rates
• 15 months of new deposits from the private sector at current rates.
• 2.1x the Eu230 bn of bank bonds that mature during 1Q2012.
• Probably slightly more than three quarters of the Eu600bn+ in bank bonds maturing during 2012.

For the economy of the Eurozone, it is equivalent to:

• 3.15x Ireland's annual GDP
• 2.84x Portugal's annual GDP
• 2.19x Greece's annual GDP
• 46% of Spain's annual GDP
• 31% of Italy's annual GDP

So Happy Christmas, I guess.