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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.

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusMacro/ Fixed income
Economy in focusEurozone
Currency in focusEuro
Sector in focus-


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