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Frederik Ducrozet at Pictet Wealth....>

EUROZONE DATA
EUROZONE DATA: Frederik Ducrozet at Pictet Wealth management looks ahead to the
release of today January M3 report noting "Remember TLTROs? Today's M3 report
will provide the ECB with the final bit of information needed to calculate net
lending flows over the coverage period (Feb-16 to Jan-18), and hence the TLTRO
rate...Things not looking great for Italy, Portugal and the Netherlands."
- This comment refers to the condition of TLTROs that the money be used for
lending and how much lending would determine the interest rate. Lending above
the requirement meant that the rate could be as low at the deposit rate at the
time of the TLTRO operation. Specifically, "counterparties whose eligible net
lending in the period between 1 February 2016 and 31 January 2018 exceeds their
benchmark will be charged a lower rate for the entire term of the operation"

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