‘Sigh of relief’ for banks after ECB unveils new look TLTRO programme
More banks are expected to take advantage of the third series of targeted longer-term refinancing operations (TLTRO III) after the European Central Bank sweetened the terms of the funding programme on Thursday. Mario Draghi looked set to leave his position as ECB president on a bang, having also announced tiered rates of deposit for banks and a return to monthly asset purchases.
The ECB first announced the pricing details for TLTRO III in June, when it said that banks would be able to access two year funding at 10bp over the central bank’s main refinancing rate.But after a hotly anticipated monetary policy meeting on Thursday, the ECB improved ...
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