LTRO 2 529.5 bil euros

The numbers for ECB (euro central bank) bank refinancing operations came out today.  It will be 529.5 billion euros dished out to between 500 and 800 banks in the form of 3 year loans.  I'm not sure if the ECB actually expects most of this money back or not, but the smart money says that most of it will not be repayed.  This is most certainly neutral-bad for my current bank-shorting positions.  I say neutral-bad and not bad because it was rather in line with market expectations and doesn't seem like its causing any eye opening upside movement in the markets.  Gold/silver should be the stand out beneficiaries here.  The bankers can celebrate their victory, even if the wealth of a continent may suffer because of it.  I'm going to set the over under at 3.5 years for the next european bank bailout.