Mario Draghi is boxed into being generous to banks CGAThompson
The European Central Bank will soon discuss renewing multi-year cheap funding for banks, its chief economist, Peter Praet, said on Feb. 20.
“The discussion will come very soon in the Governing Council," Praet told a conference in Frankfurt."It doesn’t mean we'll take decisions ... at that time." Banks, particularly in Italy and Spain, face a potential funding cliff-edge as the ECB's 739 billion euro Targeted Long-Term Refinancing Operation approaches repayment dates in 2020-21.
The latest TLTRO was offered at a zero percent interest rate. Banks could even earn as much as 0.4 percent on the money they borrowed from the ECB if they passed it on to companies and households.
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