Bloomberg News

Draghi Saved European Banks From Nationalization, Bernabe Says

February 01, 2012

Feb. 1 (Bloomberg) -- European Central Bank President Mario Draghi “saved” European lenders from possible nationalization by offering them unlimited three-year loans, Telecom Italia SpA Chairman Franco Bernabe said.

“Draghi saved the European banking system, which was heading straight toward nationalization,” Bernabe told reporters at a book presentation in Milan today.

The ECB provided 489 billion euros ($645 billion) in three- year cash to banks on Dec. 21, and will offer funds at that maturity again on Feb. 28. The coming refinancing operation “will make the companies’ financing system more liquid,” Bernabe said.

--Editors: Jeffrey Donovan, Dan Liefgreen

To contact the reporters on this story: Chiara Vasarri in Rome at cvasarri@bloomberg.net; Chiara Remondini at cremondini@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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