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so the purpose of this video is to explain how this European bank recapitalisation plan is supposed to work and Im going to link that to the dealer of last resort idea in the previous videos Im showing here drexciya which are the bank most immediately in trouble but this will be the model that will be followed for other banks too and the problem is that it has assets that are now viewed as dodgy and one way or another and so investors are unwilling to roll over your funding and now drexciya has a liquidity problem liquidity can kill you quick but the European Central Bank can prevent that sudden death by replacing that funding with its own funding loans here and loans here and Im showing going to show those loans for completeness as funded by issuing deposits which are held by this investor the important point to notice here is the way in which the ECB is now the counterparty to drexciya enter the investor both its standing in between it has essentially moved what was a wholesale m