BCE Atril

The mother of all repayments: European banks to repay €477m of TLTROs this week

Santander Corporate & Investment: This Wednesday European banks are to repay €477mm of TLTROs which will reduce excess liquidity in the system materially and funding via TLTROs to only around €600mm at a delicate time of acceleration of the QT programme from 1 July and with market sentiment further dampened after the ECB/FOMC and the flash PMIs plunge on Friday. For Italian banks, a geography where the gap excess liquidity…

ECB panoramic

QE the main dish

BofA Merrill Lynch Global Research | Ahead of today’s ECB meeting, we think the focus will need to be on QE, which we expect to be extended until September 2017 and accelerated by € 10bn/month. We also expect the ECB to make QE more credible