should and should not be done so let's talk to mike norman about it he's chief economist at john thomas financial and we are very happy to get his insights on all of these things thank you for being on the show mike. very good to be lord so let's start with the l.t.r. oh because this second round that we saw of this operation right after that we see record amount of money deposited at the e.c.b. what is up with these banks are they just hoping they're going to have an opportunity to make some more money down the line and some better investments so much so that they're willing to get this money at one percent and make just point two five percent on it. yeah it's bizarre really when you look at it i mean they're willing to take that negative yield but i think it speaks to the worry and concern . of the banking system in europe i mean nobody you know the interbank market is very cautious that indeed is probably the reason for these ongoing l.t.r. oses is this liquidity provision but then what happens as soon as the e.c.b. provides liquidity the banks turn around and put it on deposit at the e.c.b. e