Irish Nationwide Now Engaged In "Micro-Quantitative Easing" As It Issues Bonds To Itself To Repay Interest

``Irish Nationwide has issued €4 billion of Government-guaranteed bonds effectively to itself. It can use the bonds to draw €4 billion in funding from the European Central to help tide it over a key refinancing period later this month... One bond analyst said he had never seen a funding transaction structured in such a way, describing it as “a type of micro-quantitative easing” – a means of allowing a central bank to print money to support an institution.''