more's are howard davies, rbs. are howard davies, eight rbs. bloomberg. ♪ francine: this is bloomberg surveillance. taylor and francine from london and new york. we are getting a number of headlines from the european central bank just seconds ago. this is the numbers of some of the facilities. the banks have taken $75.8 billion in a funding operation. this gives you an idea of how much banks are relying on some of the facilities that the ecb had put in place. let's get straight back to sir howard davies, chair of the royal bank of scotland. howard, do you worry about banks not being strong enough? will you be taking advantage of some of the measures that the bank of england has put in place? we certainly will be. what you're saying at the ecb is the effect of the swap lines that the banks have put in place. it is one thing that -- your local central bank can obviously provide without limit, but what they cannot do is provide you with dollar liquidity unless they replace the swap line with the fed because the bank of england and the fed cannot c

taylor and i had a wonderful hour with howard davies from rbs, and put together, i think we have a pretty good picture at some of the concerns out there when it comes to the markets. it is debt, debt, debt, and how a love these countries can afford what they are dishing out to support small and medium businesses. but businesses, taylor? taylor: the global bond markets seem to think there is a little worry out there. out and say this could be less of a shock than we think, and as long as the ecb still buys and is on the balance sheet for longer, than the markets may not need to be as worried as perhaps we think they should be. spreads, andening now let's get straight to first word news in new york city. here is viviana hurtado. viviana: we begin with the trump administration, pushing a $1.2 trillion stimulus plan, this on account of the impact of coronavirus. could get payments of $1000 or more within two weeks. and months later, a second set of checks could be sent out. steven mnuchin warning republican senators if there is no stim of this package, the u.s. could face a 20% unappointed ra