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    Home » Europe’s Banks Cashing in With ECB Program
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    Europe’s Banks Cashing in With ECB Program

    September 2, 20211 Min Read
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    The European Central Bank is looking to ensure credit is flowing into Europe’s economy to support its recovery as COVID-19 pandemic drags on.

    • EU banks are generating money from an ECB program that pays them to lend, boosting their earnings and helping offset some of the costs related to the continent’s long-running negative interest rates.
    • The program reveals the degree that the ECB has been willing to maintain economies in the Eurozone afloat amidst the coronavirus pandemic by providing continuous liquidity to businesses to prevent a credit crunch.
    • Incentives on loans are significant in Europe because companies depend heavily on borrowings from banks, unlike in the US, where companies regularly issue bonds.
    • The targeted longer-term refinancing operations (TLTROs) were formed in 2014. The ECB improved the arrangement for banks last year by reducing the interest rate on its loans to nearly negative 1%.

    In the recent round of the TLTROs program, banks took nearly $129 billion from the ECB. That brought the overall outstanding under TLRO to over € 2 trillion, roughly 50% of total excess liquidity in the Eurozone banking system.

    Euro Stoxx 50 up +0.083%, EUR USD up +0.19%Source: The Wall Street Journal

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