French paper considers impact of TLTROs on funding costs
Research examines funding conditions attached to new lending scheme
Research published by the Banque de France examines the funding conditions attached to the targeted long-term refinancing operations (TLTROs) launched by the European Central Bank (ECB) in June, finding they have the potential to lower banks' funding costs.
In the working paper Options embedded in ECB targeted refinancing operations, Jean-Paul Renne notes that, to be successful, funding-for-lending measures must "offer an attractive pricing" and "entail mechanisms incentivising banks to
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