The most the ECB has done to try and encourage more lending is cut its overnight deposit rate, in other words paying less interest on money it borrows from banks overnight.

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So inevitably a lot of it would end up back at the European Central Bank, on deposit overnight.

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On Thursday, the European Central Bank cut its official deposit rate for overnight lending to the central bank by 50 basis points, to 1.0%, below its 2.5% benchmark rate, in an attempt to wean banks off the safety of its vaults and thus stimulate interbank lending.

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For example, the ECB has a deposit facility that pays interest to banks, an emergency marginal lending facility for overnight borrowing and a weekly refinancing operation in which it lends money to banks.

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