Eurozone commercial banks may have borrowed over one trillion euros from the European Central Bank in cheap long-term loans, but they are not lending most of it on to businesses, individuals or even other banks.
Three quarters of that money — 776.9 billion euros — went straight back into ECB overnight accounts.
The high level of deposits at the bank highlights the ongoing lack of trust the debt crisis has caused between European banks.
Banks only receive 0.25 percent on money they park with the ECB, compared with the near one percent they could get lending it for three-months on the open market, so they are making a loss in interest terms, but ensuring that they do not risk losing it through loans that go bad.
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