Some argue that it is not a liquidity crisis, but Italian banks are finding it increasingly difficult to find capital on the market. This is the main reason for the strong increase recorded in November for i refinancing requested from the European Central Bank (ECB) by our credit institutions: from 111,2 billion in October to 153,2 billion in the last month. They recorded a significant increase i short-term financing, which went from 47,7 to 83,3 billion in one month.
An important negative record was recorded on overnight emergency refinancing, those loans on which increased interest is paid: from the zero recorded last month on 30 November, it has reached 1,4 billion euros. The increase in long-term loans granted was less significant: from 63,8 billion in October it rose to 68,4 billion in November.
This massive trend towards greater recourse to the ECB has been seen since July. Between June 2010 and June 2011, the loans granted by the Eurotower did not exceed an average of 35 billion euros.
