TLTRO III seen as ‘inevitable’ after ECB meeting

Tyler Davies

December 13, 2018 08:00 pm

Mario_Draghi_ECB_PA_230x150_131218 — 13 September 2018, Hessen, Frankfurt/Main: 13 September 2018, Germany, Frankfurt/Main: Mario Draghi, President of the European Central Bank (ECB), will address the press conference at ECB headquarters. Europe's top currency guardians left the key interest rate in the euro zone at the record low of zero percent at their regular meeting. Photo: Arne Dedert/dpa | Arne Dedert/DPA/PA Images

News that the European Central Bank was "reflecting" on reinstating its Targeted Longer-Term Refinancing Operations for a third time (TLTRO III) sent a cheer through the financial institutions bond market this week. Banking commentators had been expecting some sort of extension for the cheap liquidity programme, now they see it as all but inevitable, writes Tyler Davies.

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Tyler Davies