It seems to me, with precious little in the way of economic know how, that this is just banks lending more non-existent money to other banks and that this will achieve nothing much except staving off an inevitable financial collapse.
While I was reflecting that I wished I'd paid a bit more attention to the boring economics lectures at college, it occurred to me that this is December, and therefore "bonus time" for the banks.
It probably looks better when they are awarding themselves vast and totally unearned sums of money, if the world financial system doesn't look like it is about to disappear round the U-bend for ever.
So when they tell you, as they undoubtedly will, that they did it for the greater good, it will be, to an extent, true.
They did it for their greater good.
*FTSE up 198 pts closing at 5335