Banks shy away from ECB’s first TLTRO III
Demand was “shockingly weak” says analyst, but firms are expected to increase uptake in December
Banks in the eurozone largely shied away from the first series of the European Central Bank’s third round of targeted longer-term refinancing operations (TLTROs).
In the first allotment, banks demanded €3.4 billion ($3.7 billion), according to data published by the ECB on September 19. This is well below the demand in any of the four series of TLTRO II offered between June 2016 and March 2017, which ranged from €399.3 billion and €45.3 billion. Banks demanded in total €740.2 billion in TLTRO II
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Monetary Policy
BIS paper explores how AI can predict asset demand
Better data availability and modelling techniques help central banks evaluate market reaction to QE
Reserve Bank of Australia holds policy rate again
Central bank says underlying inflation remains “too high”
Argentina reduces policy rate for first time since May
Analyst says 500bp cut means country is unlikely to lift currency controls soon
State Bank of Pakistan cuts rates by 250bp
Fourth consecutive reduction comes one month after IMF begins disbursing $7 billion funding package
Colombia cuts rates by 50bp in split decision
Recent constitutional reform bill could hurt fiscal sustainability, says central bank
Savings dampen monetary policy effectiveness – Fed paper
Central banks should track excess saving at a high frequency, authors recommend
Policy tightening reduces labour productivity and presence – paper
Lower participation and labour supply have inflationary effects, Bank of Canada authors find
ECB paper finds asymmetric spillover from US monetary policy
Tightening episodes affect emerging markets more than expansionary episodes do, say researchers