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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ECB
E486bln of the just-reported E494bln decline in the ECB's balance sheet in June was due to the well-telegraphed TLTRO repayments in the month. Just under E600bln of TLTROs remain to be unwound.
- Outside of that, the ECB's assets were little changed in the month, with securities holdings E20bln lower and gold assets down E23bln (though mainly on quarterly revaluation which is reflected in the June release).
- Looking at the bigger picture: at E7.220T, ECB assets are E1.616T below the peak (E8.836T in Jun 2022), a drawdown of about 18%.
- However that's still 57% larger than the E4.6T in Feb 2020 just before the pandemic.
Source: ECB, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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