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Further to our ECB analysts' views matrix.......>

ECB: Further to our ECB analysts' views matrix sent out earlier, RBC now sees
the ECB cutting the depo rate by 20bps twice (Sep and Dec) - possibly going by
25bps at a time.
- However, RBC does not expect an announcement of APP restart in September,
leaving it for future meetings to decide. Also expects tiering to be introduced.
Still remain a major outlier in not expecting APP restart to be announced /
implemented in September.
- PREVIOUSLY: Had seen 10bps cuts in Dec and Sep, and no restart of APP.

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