See Bloomberg's ECB Fails to Sterilize Bond Purchases With Deposits (February 1, 2011)

The European Central Bank failed to fully neutralize the liquidity created by its bond purchases for the third time since the program began.

The Frankfurt-based central bank said today it drained 68.2 billion euros ($93.9 billion) from money markets via seven-day term deposits, 8.3 billion euros less than the 76.5 billion euros it intended to absorb.

Also, it appears the conventional wisdom is entirely at variance with my analysis

The failure to drain the intended amount today adds further "downside pressure on overnight rates," said Christoph Rieger, head of fixed-income strategy at Commerzbank AG in Frankfurt.

Overnight rates may show a blip downwards on the day of the auction, but the 8-month trend in the interbank markets is up.

Note also this had been at the end of a run of bond purchases:

The ECB last week halted its bond purchases for the first time in three months.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman