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.
- 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.