The results for the second European 3 year discount window operation, pardon LTRO are in, and the winner is... •ECB ALLOTS EU 529.5BLN IN 1,092 DAY REFINANCING TENDER •ECB SAYS 800 BANKS ASKED FOR THREE-YEAR LOANS Since the expected range was €200 billion - €1 trillion, and just above the median €500 billion, this is clearly within expectations, however notably less than what the Goldman investor survey expected at €680 billion. What is certainly scary is that the number of banks demanding a hand out was a whopping 800, well above the 523 from the first LTRO: clearly many banks are capital deprived. (full story)