ECB to purchase billions worth of covered bonds

05/7/2009 | Financial Times (free content)

The European Central Bank plans to buy as much as €60 billion in covered bonds as well as offer banks cheap liquidity at longer maturities. The bank's surprising credit-easing measure boosted interest in riskier currencies. The ECB is striving to increase the region's money supply. The central bank also cut its main interest rate to 1%, and ECB President Jean-Claude Trichet did not rule out future reductions.

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