In a universe of $11 trillion in securities lending, stocks loaned to short sellers (sold in the market with an obligation to replace with interest at a future date), the European bank stress tests have created $70 million in financing receipts for lending a basket of 53 months in the past year. The lending income is 8% of total revenue for lending European securities from a universe of less than 1% of the lendable securities. Listed ADRS of note include the Irish Banks plus Lloyds. Shorts will cover.
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