The phasing-out of non-standard measures continued in the third quarter of 2010, and is still continuing in the fourth quarter, as all maturing one-year and six-month longer-term refinancing operations (LTROs) are not being renewed. … as money markets are improving. Conditions in the euro area money markets are improving.
And that was the death blow for something that was already severely wounded: trust. Banks around the world started worrying about their exposures to what were known as subprime mortgage loans. Through new financial instruments, the risks from these loans had been spread across the banking sector – in very opaque ways.