->
The first injection of liquidity into the European credit system, the so-called Tltro, that the Central Bank did yesterday is half a disappointment.
The banks have not done some running to win the cash made available dall’Eurotower long-term (maturing in 2018) and very low rates (0.15 % per year). The European Central Bank has allocated a total of € 82.6 billion, a figure well below analysts’ estimates indicated that the amounts of not less than 110 billion euro.
The bazooka so it was dubbed the monetary instrument Mario Draghi did not fire but the fire power has remained largely low.
European banks for the first two auctions can get up to € 400 billion, a sum equal to 7% of total lending institutions in the euro area.
Italian banks, however, have saved the media because they have been a total of those who have asked for more, getting more than 22 billion euro. Nearly 15 billion claims of Spanish banks. So more than 40% of the funding has been awarded to Italy and Spain.
Among the brands was the Unicredit to win the lion’s share: 7750000000. Intesa Sanpaolo has attended for 4 billion of a potential $ 12.5 billion. Mps 3000000000, 2240000000 ICCREA with membership of 191 banks, Bper 2 billion, 1 billion each for Banco Popolare and Credit Valtellina, 735 million and 570 million Credem about Mediobanca.
I do not have and instead participated Bpm Veneto Banca likely to show up at the next auction scheduled on December 11. Even Ubi Banca has not submitted requests but the institute had already stated that he participated in the second assignment.
Among the Spanish banks Santander scored 3 billion, 2.6 billion BBVA, CaixaBank and Bankia 3 billion to 2.7 billion euro. Were the analysts to explain why the rush of banks to finance the ECB has been so light. First, the rod has fallen behind the asset quality review and completion of stress tests on European banks that the ECB is finishing. Many institutions have preferred to postpone the request in December to get a clearer picture of the resources needed to carry out their activities in line with the capital requirements. But the amount falls short of expectations is explained mainly by the fact that more than the supply of credit, the problem lies in the question, especially in Italy. Economic conditions do not justify investment by businesses or further indebtedness of households.
->
No comments:
Post a Comment