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"The program was never used, but the mere existence of an unlimited monetary backstop from the central bank helped lower the borrowing rates for governments struggling with excessive debt, easing the financial crisis. The court decision is a victory for the ECB and its ability to intervene in financial markets on behalf of its interest-rate policy, and a defeat for skeptics who think its stimulus and anti-crisis programs have gone too far. Opponents had argued that the bond purchase offer violated the European Union treaty's ban on the central bank using its powers to print money to finance governments. The conditions include a requirement that the ECB let enough time lapse between the issuance of a government bond and the ECB's purchase in the secondary market, so as not to in effect participate in primary issuance.", www.seattlepi.com
"Germany’s top court has ruled that an unlimited bond-buying program created by the European Central Bank at the height of Europe’s debt crisis complies with German law, ending a yearslong legal challenge to a program credited with easing fears of a breakup of the currency zone.", www.wsj.com
"LONDON: A ruling on Tuesday by Germany's top court on the legality of an emergency ECB bond-buying scheme looks set to test bond investor confidence in the bank's crisis-fighting powers just two days before Britain's vote on membership of the European Union. The German 10-year bond yield, the benchmark for borrowing costs in the euro area, fell 1 basis point to 0.05 percent, drifting back towards last week's record lows below zero percent as a note of caution returned to markets", www.brecorder.com
"Financial institutions in the euro area will take up a net 50 billion euros ($57 billion) in the European Central Bank’s second series of long-term loans that debuts on Friday, according to the median of 17 estimates in a Bloomberg survey. The new loans, which come with an interest rate of zero that can turn negative if banks expand credit, are on top of the 368 billion euros banks will repay on June 29 that were borrowed as part of the initial TLTRO series one offering.", www.bloomberg.com