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Deposits at ECB bounce, bond tally nears 11 bln euros

Source: Reuters - Thu 10th Sep 2009

Overnight bank deposits atthe European Central Bank bounced back up, data showed on Wednesday, after the ECB returned the near 200 billion euros it drained from the banking system on Tuesday.

Banks deposited 76.499 billion euros at the ECB overnight on Sept. 9, up from a drain-impacted 30.5 billion the previous day.

The ECB also said banks borrowed 549 million euros from its overnight account down from 2.226 billion euros.

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 had risen to 10.963 billion euros from 10.466 billion euros. It means the ECB is now more than 18 percent through the 60 billion euros it has earmarked to spend.

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