European bankers are taking no chances. After having had their summer holidays ruined by the financial crisis, they are determined not to let their Christmas breaks be disrupted.

The European Central Bank received orders for €489.19bn of three-year loans for banks under its latest long-term refinancing operation, far ahead of expectations and a record for any ECB facility. That should ensure the financial season of peace and goodwill extends well into the New Year, although whether it provides any longer-term solution is less clear.