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ECB to Drain as Much as $294.42 Billion from Markets

After pumping in billions of euros to banks eager for cash in December, the European Central Bank on Wednesday said it would -- as expected by money markets -- remove much of that money.

The bank, which oversees monetary policy for the 15-nation euro zone, said it would mop up as much as 200 billion euros ($294.42 billion) from European money markets, a routine operation for the bank. The rate for the withdrawal was set at 4 percent.

Last week, the bank drained nearly 101.6 billion euros ($149.57 billion), and said on Dec. 31 it intended to absorb another 150 billion euros ($220.82 billion).