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Around 10% of the ECB repo funding has been absorbed by Spanish banks. The total securitization issuance by Spanish banks last year was €143 billion, up 55% on 2006

If that is true, ZP's €50bn fund doesn't even begin to cover what is needed...

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Thu Oct 9th, 2008 at 05:50:33 AM EST
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