Look for:

Our offer for

Research Detail

2021/11/19 / Erste Group Research

What's next for TLTROs?

The last ECB Governing Council meeting of the year is likely to be eagerly awaited by euro area banks. In addition to the future of the PEPP, the main focus for banks will be on longer-term refinancing operations (TLTRO3).

TLTRO3 and special interest rates led to noticeable growth in total assets for banks. In addition, banks were able to record a significant increase in net interest income thanks to the very favorable financing conditions. At the same time, the volume of bank bonds issued, especially in the covered bond segment, decreased noticeably.

The design of future refinancing facilities and the timing of their announcement by the ECB are of great importance for banks in the euro zone. We would therefore like to highlight a few possible scenarios regarding the ECB meeting in December in connection with TLTRO3.

PDF Download Download PDF (197kB)

General information

AuthorErste Group Research
Date2021/11/19
Languageen
Product nameCredit News
Topic in focusMacro/ Fixed income
Economy in focusEurozone
Currency in focusEuro
Sector in focus-
Download



Decline
Accept

We use cookies and web analysis software to give you the best possible experience on our website. If you consent, these tools will be used. For more details please read our Data protection policy.

INFORMATION FOR PRIVATE CLIENTS / CONSUMERS

Any information, material and services regarding financial instruments and securities provided by Česká spořitelna/Erste Group/ or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites“) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions.

By agreeing to this hereto, the visitor entering this Websites confirms that has read, understood and accepted this Information and the Disclaimer