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ECB bond tally creeps higher, bank deposits fall

Source: Reuters - Thu 24th Sep 2009

Overnight bank deposits at the European Central Bank fell, data showed on Thursday, while the amount of covered bonds purchased by the ECB as part of its 60 billion euro stimulus programme continued to edge up.

Banks deposited 84.918 billion euros at the ECB overnight on Sept. 23, compared to 85.880 billion euros deposited previously..

The amount banks borrowed from the ECB's overnight account fell to 130 million euros from 154 million euros previously.

The amounts parked at the ECB's deposit facility have been high since it flooded money markets with almost half a trillion euros in one-year funds at the end of June.

The ECB and the 16 euro zone national central banks are also buying euro-denominated covered bonds - debt backed by a pool of assets such as mortgage loans that remain on the issuing bank's balance sheet - over the next year, from both primary and secondary markets.

The ECB said the total purchased inched up to 13.530 billion euros from 13.287 billion euros. It means the ECB is now roughly 22 percent of the way through the 60 billion euros it has earmarked to spend.

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