The final figure for the European Central Bank's long term refinancing operation are in – EUR 529 billion, available to Europe's banks on 1 percent interest repayment terms. The figure is said to be around the mid point of the range predicted by analysts.

Some 800 banks have bid for loans, well up on the 529 that took up the cheap ECB loans on offer in December. The ECB has stated that all bids received allocation of the full amount requested.

The big question now is over what will happen to the money next, and opinion varies widely. Some commentators are enthusiastic, such as Martin van Vliet of ING, who talks of the EUR 529 billion as a “Goldilocks” figure – not too much, not too little, but just right. Others are skeptical, and suggest that little of the money will find its way to small businesses desperately trying to weather the eurozone's economic storm, however, there is a consensus that the money in necessary for short term liquidity of particularly Southern European banks. The loans mature in three years, which has prompted some analysts to predict trouble later on down the line.

Liam Lever, liam@romania-insider.com