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UPDATE1 ECB says Bitcoin is artificially backed, should not be legitimized

UPDATE1 ECB says Bitcoin is artificially backed, should not be legitimized

FRANKFURT, Nov 30 (Reuters) – Bitcoin is artificially backed and should not be legitimized by regulators or financial firms as it is more akin to gambling, the European Central Bank said on Wednesday. Bitcoin and other cryptocurrencies have been variously touted as an alternative form of money and a shield against inflationary policies pursued by …

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ECB warns of losses as it pays the price for a decade of money printing

ECB warns of losses as it pays the price for a decade of money printing

FRANKFURT, Nov 29 (Reuters) – The European Central Bank warned on Tuesday it could suffer losses as high inflation forces it to raise interest rates and foot the bill for a decade of aggressive money printing . After raising interest rates to combat runaway prices, the ECB must pay huge interest to commercial banks on …

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ECB begins major cash clean-up as banks repay 296 billion euros in loans

ECB begins major cash clean-up as banks repay 296 billion euros in loans

Reimbursement much lower than expected The key money market rate drops after the announcement Moving seen as a first step towards the unwinding of obligations FRANKFURT, Nov 18 (Reuters) – Eurozone banks are expected to repay nearly 300 billion euros ($310 billion) in loans to the European Central Bank next week, the ECB said on …

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UK pension funds step up fire selling as need for cash soars

UK pension funds urge BoE to extend bond purchases amid cash rush

LONDON, Oct 12 (Reuters) – British pension schemes are racing to raise hundreds of billions of pounds to shore up derivatives positions before the Bank of England seeks support aimed at keeping them afloat. Governor Andrew Bailey said on Tuesday the BoE would stop buying bonds as planned on Oct. 14, leaving pension plans scrambling …

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UK pension funds step up fire selling as need for cash soars

UK pension funds step up fire selling as need for cash soars

LONDON, Oct 11 (Reuters) – British pension schemes are racing to raise hundreds of billions of pounds to shore up derivatives positions before the Bank of England seeks support aimed at keeping them afloat. The Bank of England plans to stop buying bonds on October 14, leaving pension schemes scrambling to meet a collective fundraising …

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