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Playing Tricks on the European Central Bank

In: Bringing Down the Banking System

Author

Listed:
  • Gudrun Johnsen

Abstract

In early 2008, the three banks weren’t just experiencing lack of liquidity in Iceland; they also lacked foreign currency, as well as assets to pledge as collateral. Through their subsidiaries in Luxembourg, the banks had access to collateralized lending of the European Central Bank (ECB), the so-called main refinance operations, which are short-term loans, usually for a week.

Suggested Citation

  • Gudrun Johnsen, 2014. "Playing Tricks on the European Central Bank," Palgrave Macmillan Books, in: Bringing Down the Banking System, chapter 0, pages 97-106, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-34735-0_9
    DOI: 10.1057/9781137347350_9
    as

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