The plight of savers

Of the 489 billion Euros that the European Central bank lent to European commercial banks at a concessionary interest rate just before Christmas, to ease their liquidity/solvency situation whilst US banks refuse to lend to them, 412 billion Euros were placed on deposit by the banks back with the ECB over the Christmas period. It will there earn the banks even less in interest than the low rate they are having to pay to borrow it, but they clearly do not trust their fellows as borrowers.