According to the ECB, borrowings by Irish-based lenders’ from the European Central Bank rose to €130 billion as of Oct. 29, up almost €10 billion from €121.1 billion at the end of September. Adjusted for size, this is roughly equivalent to US banks borrowing a few hundred trillion from the Fed, give or take a few trillion. "Pass thru" institutions include both international and domestic banks in Ireland. In other words, the ECB continues to buy the bonds issued by Ireland, to provide the funds to Irish banks so they can buy their own bonds, and when all this fails, the ECB can step in and provide money to the government directly. Elsewhere, the CDS of Anglo Irish bank blew out by 20% yesterday, and have surged by over 10,000 bps since the end of October to nearly 13,000. Luckily, the end game is known: Ireland will be bailed out by the ECB, the country will become another Greece, lying each and every day about its deficit and economic recovery, until yet another country gets mauled.
http://www.zerohedge.com/article/irish-bank-borrowings-ecb-jump-%E2%82%AC130-billion-anglo-irish-sub-cds-nears-13000-bps
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