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Banks at the trough

The European Commission approved a total of €4.6 trillion in state aid to financial institutions by October 2010.

But that wasn’t enough. So in 2011 and 2012 the European Central Bank chucked in another €1 trillion or so… The first Long Term Refinancing Operation (LTRO) was on December 21 when 523 banks borrowed €489 billion, at a token 1%. On 29 February 2012 800 European financial institutions borrowed a further€529.5 billion euros, also at 1%. 460 of the 800 banks that helped themselves to in February were German. Private banks are under no obligation to tell the public what they are doing with the public’s money offered for next to nothing by the European Central Bank to private shareholders of private banks. So below are details of amounts drawn on by banks in February 2012 and December 2011, gleaned from press reports.

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Related News and Information

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See how well the bankers are doing on public subsidy

____________________________________________________________________________________

What banks got what in the ECB’s  Long Term Refinancing Operation of February 2012

Austria

  • Erste €1.1 billion

Belgium

  • KBC €5bn (€3 billion in December)
  • Dexia (up to) €34 billion

Denmark

  • Danske Bank €4 billion (€1.5 billion in December)

France

  • BNP-Paribas €22 billion
  • Crédit Agricole €35 billion
  • Banque de France undisclosed amount
  • Société générale undisclosed amount

Germany

Deutsche Bank €11 billion
Aareal €1 billion

Italy

€139 billion in total

  • Intesa Sanpaolo €24 billion
  • Unicredit €12.5billion (or less)
  • Mediobanca €4 billon
  • Banco Popolare €3.5billion
  • UBI Banca €6 billion

Ireland

  • Irish Life & Permanent €2 billion
  • Danske €4 billion
  • Bank of Ireland €22.5 billion

Norway

  • DNB €1 billion (€2 billion in December)

Portugal

  • BCP €7 billion
  • Banco BPI SA undisclosed amount
  • Banco Espirito Santo SA, undisclosed amount (€5 billion under in December)
  • Banco Comercial Portugues SA undisclosed amount ( €5 billion in December)

Spain

€130 billion in total (€110 billion in the November LTRO)

  • Banco Bilbao Vizcaya Argentaria SA (BBVA) €11 billion euros
  • Banco Popular Espanol SA (POP) €8.5 billion.
  • Banca Civica €6.1 billion (€3.7 billion in December)
  • Sabadell €12 billion
  • Bankinter €9 billion
  • Banesto €6 billion
  • Banco Santander undisclosed amount (€42 billion in December)
  • Banco Financiero y de Ahorros (BFA) undisclosed amount

UK

  • Barclays €8.2 billion
  • Lloyds €13.6 billion
  • HSBC €350 million ( €5.2 billion in December)

Also…

Belgian bank gets €4 billion ; German and French banks get $36 billion ; Greek banks receive €18 billion ; Portuguese banks to get €5.85 billion  ; Italian bank to get €3.9 billion ; Spanish banks to get €100 billion

More on the banks 

Sources:

http://blogs.wsj.com/eurocrisis/2012/02/29/which-banks-took-up-second-round-of-ltro/

http://ftalphaville.ft.com/blog/2012/02/29/903811/ltro-names-n-numbers-so-far/http://www.reuters.com/article/2012/03/13/dnb-idUSO9E8DF00820120313

http://www.ft.com/cms/s/0/ed672dba-694e-11e1-9618-00144feabdc0.html#axzz1pBeIE7eM

http://www.businessweek.com/news/2012-03-14/spanish-banks-ecb-borrowings-surge-to-record-of-199-billion

http://www.telegraph.co.uk/finance/financialcrisis/9117906/Barclays-taps-ECB-for-8.2bn-of-cheap-money.html

http://www.latribune.fr/entreprises-finance/banques-finance/industrie-financiere/20120305trib000686428/soulage-par-le-cash-de-la-bce-dexia-rebondit-en-bourse.html

http://www.fenetreeurope.com/php/page.php?section=actu&id=24754

http://www.marketwatch.com/story/barclays-taps-ecb-loans-for-spain-portugal-units-2012-03-02?link=MW_latest_news

http://online.wsj.com/article/BT-CO-20120229-713513.html

http://ecodiario.eleconomista.es/espana/noticias/3818909/03/12/santander-intesa-y-bfa-bankia-los-tres-bancos-europeos-que-mas-dinero-pidieron-al-bce-segun-ubs.html

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