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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Giordano Bruno who wrote (71933)12/3/2007 10:39:50 AM
From: CageRattler   of 116555
 
Funding… a bank can borrow from the ECB anonymously, whereas in the UK, they reveal the bank name. So everybody is borrowing in EURs, then selling them for GBP, as that is where the real funding requirements are. It was quite rampant today.

Since August this has been happening, but now that the year end turn is approaching, it’s ramping up more.

Also, it’s part of the reason why EUR libor settings are so bid.
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