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Lagarde: There Are No Surprises About TLTRO Repayments

Q: Is there more ground to cover on QT? Can there be more done on PEPP or selling bonds?
  • A: On QT - decision concerns APP reinvestment only.
  • PEPP reinvestment has Forward guidance - nothing until 2024.
Q: On TLTROs ending - are you concerned banks can give back E477bln in June?
  • There is no surprise about TLTRO. If anything have managed to get banks to accelerate repayment and reduce the cliff effect. It's a due date, banks have prepared for it. There is a lot of liquidity out there.
  • Wouldnt be surprise if liquidity windows available start to become used. Weekly MRO, 3-month LTRO etc. If anything to happen - have those in place with full allotment.

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