Mervin King

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Last quote by Mervin King

The idea that the long-term repo operations have eased the supply of finance to small businesses in the euro area is a myth. What it's done is to provide a source of funding to banks – particularly in the southern member countries of the euro area – which were experiencing a bank run, enabling them to fund the withdrawal of funds that was occurring and was essentially a bank run in the second half of last year, and that money is flowing to banks in the northern part of Europe.
Feb 29 2012
Mervin King has most recently been quoted in an article called Banks grab latest ECB cheap loans. Mervin King said, “The idea that the long-term repo operations have eased the supply of finance to small businesses in the euro area is a myth. What it's done is to provide a source of funding to banks – particularly in the southern member countries of the euro area – which were experiencing a bank run, enabling them to fund the withdrawal of funds that was occurring and was essentially a bank run in the second half of last year, and that money is flowing to banks in the northern part of Europe.”.
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