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.feedback
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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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