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.
Slovenian banks bailout drove deficit to 14.7 per cent of GDP (March 2014)
Greek bankers could be rewarded under Troika bail out plans (June 2013)
More bank bail outs at tax payer expense? (February 2013)
Still no sign of money for the real economy (January 2013)
Bankers pay rises 12% in 2011 to an average $12.8 million (June 2012)
Deutsche Bank €11 billion
Aareal €1 billion
€139 billion in total
€130 billion in total (€110 billion in the November LTRO)
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