ECB’s balance sheet expansion


December TLTRO: A window on the ECB’s future actions

By Giuseppe Maraffino (Barclays) | On Thursday, December 11, the ECB will carry out its second TLTRO. The allotment results will be out at about 10:15 London time. The size of the new liquidity injected will be clear on the settlement of the operation, on Wednesday, 17 December, which is also the settlement day of next week’s MRO and of the weekly 3y LTRO repayment. However, the announcement on Friday, December 12, of next week’s 3y LTRO repayment will provide some insights on the new liquidity injected.