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ECB TLTRO Repayment: Banks Continue To Show Confidence

FINANCIALS

ECB: Today’s voluntary early repayment of TLTRO funds sat around the middle of the range of estimates that we saw from the sell-side ahead of time. Highlights to us positivity in bank mgmt teams alongside improving asset quality on the front lines of the real economy.


  • The announcement wasn’t a market mover for the EUR short-end.
  • The ~EUR35.8bn that banks have agreed to repay is on top of the compulsory ~EUR215.5bn repayment due later this month.
  • March will see the final meaningful round of repayments, with the outstanding amount of TLTRO balances set to fall below EUR150bn by month end.
  • A reminder that the ECB presented its updated operation framework earlier this week.
  • September will see a narrowing of the refi/depo rate spread, with the narrower than expected 15bp corridor set to provide tighter control over money market rates when liquidity becomes less abundant.
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