ECB system support rose by a further €48 billion to a new record last week. The definition of system support here covers lending in weekly and long-term repos, other claims on banks, “other assets” – incorporating the emergency liquidity assistance operations of Greece and Ireland (at least) – and sovereign and covered bond purchases.
System support has increased by €426 billion since April, equivalent to 4.5% of GDP – see previous post for more discussion.
