原创力文档- 1、本文档共9页，可阅读全部内容。
- 2、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。
- 3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
- 5、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
- 6、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
- 7、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
- 8、VIP文档为合作方或网友上传，每下载1次， 网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档
查看更多
FOCUS | EUROZONE Please refer to important information at
14 March 2019 the end of this report
G10 INTEREST RATES
TLTRO-III: First impression suggests lower take-up
KEY MESSAGES We will have to wait for the full details, particularly
around the ‘built-in incentives’, to have a clearer
Our first impression from the ECB’s communication
around TLTRO-III is that the cost might not come picture, but our first impression is that the cost of
as low as the depo rate. TLTRO-III might not come as low as the depo rate
and that as a consequence – if true – TLTRO-III is
If true, TLTRO- III is unlikely to attract much interest unlikely to attract as much interest as TLTRO-II.
as, among the largest euro area countries, it is As such, excess liquidity could start declining
likely to look attractive mainly to Italian banks. anytime from June onwards.
At the same time, it would support the reading we How much can be borrowed this time around?
had from the ECB: it chose to keep the door open “Counterparties will be entitled to borrow up to 30% of
to further normalisation – while dealing with a the stock of eligible loans as at 28 February 201
文档评论（0）