Frankfurt taps NCBs for €5 billion
The European Central Bank (ECB) is set to almost double its capital buffer from €5.76 billion ($4.88 billion) to €10.76 billion in order to protect itself against more volatile financial markets.
The €5 billion increase in capital, which the EU central banks will provide, was "deemed appropriate in view of increased volatility in foreign-exchange reserves, interest rates and gold prices as well as credit risk," the ECB said on Thursday. The central bank has a broader list of eligible collateral
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