Irish banks borrowed €39.4bn from ECB in 2007

Irish banks borrowed €39.4bn from the European Central Bank in 2007. This is 45% higher than the total amount borrowed in 2006.

The ECB regularly lends money to financial institutions in order to improve liquidity. Some Irish financial institutions use the ECB facility on a regular basis to finance part of their balance sheets, using their residential mortgage assets as collateral. All banks regard the facility as a continuous source of funding.

Borrowing by Irish banks from the ECB in 2007:

  • EBS – €2.3bn
  • Irish Life & Permanent – €5.3bn
  • Bank of Ireland – not disclosed
  • AIB and Anglo Irish Bank – no borrowing

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