Spanish Banks, Banco de España & TARGET2

In two big operations in December and February, the Eurosystem lent around €1tn to banks in the Euro Area:

(click to expand, source: ECB)

Spanish banks it seems borrowed around €315bn (gross) as per the recently the Banco de España released statistic Financing In The Eurosystem (April 2012):

(click to expand)

Due to the continuing capital flight out of Spain, the TARGET2 liabilities of Banco de España increased in April and averaged €284.5bn in the month. The flow equivalent in the balance-of-payments language may be called the accommodating item.

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