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| Version 2 | Version 3 |
|---|---|
| ECB starts to unwind some support | ECB starts to unwind some support |
| (31 minutes later) | |
| The European Central Bank (ECB) is to start withdrawing some of its special measures to support the economy. | The European Central Bank (ECB) is to start withdrawing some of its special measures to support the economy. |
| The bank is withdrawing some of its cheap short-term loans designed to boost the amount of money available in the markets and encourage bank lending. | The bank is withdrawing some of its cheap short-term loans designed to boost the amount of money available in the markets and encourage bank lending. |
| ECB president Jean-Claude Trichet said he had asked the banks "to do their job. We have helped them considerably." | ECB president Jean-Claude Trichet said he had asked the banks "to do their job. We have helped them considerably." |
| The comments came as the Bank left interest rates on hold at 1% - the lowest level in its 10-year history. | The comments came as the Bank left interest rates on hold at 1% - the lowest level in its 10-year history. |
| ING senior economist Carsten Brzeski said: "The gentle exit has begun. Today's message to banks was crystal clear: do your homework, free refills are coming to an end." | ING senior economist Carsten Brzeski said: "The gentle exit has begun. Today's message to banks was crystal clear: do your homework, free refills are coming to an end." |
| Specifically, Mr Trichet said the 12 month loan offering in December would be the last one and the six month offering will end in March. | Specifically, Mr Trichet said the 12 month loan offering in December would be the last one and the six month offering will end in March. |
| Mr Trichet said: "The improved conditions in financial markets have indicated that not all our liquidity measures are needed to the same extent as in the past." | Mr Trichet said: "The improved conditions in financial markets have indicated that not all our liquidity measures are needed to the same extent as in the past." |
| He also said that the current interest rate was "appropriate". | He also said that the current interest rate was "appropriate". |
| The forecast for growth in the eurozone in 2010 was also raised to between 0.1% and 1.5%, up from a previous prediction of between -0.5% and 0.9%. | |
| But Mr Trichet warned that the recovery process would be "uneven and subject to risks". | |
| Separately, the European Union's Eurostat agency confirmed that the eurozone economy grew by 0.4% in the third quarter of 2009. | Separately, the European Union's Eurostat agency confirmed that the eurozone economy grew by 0.4% in the third quarter of 2009. |