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Lagarde: We Didn't Discuss Phasing Out PEPP

ECB
  • Q: What would the ECB need to see to return PEPP to the normal pace of purchases? The Bank Lending Survey (BLS) shows banks expect to tighten credit conditions. Is this a worrying sign in your assessment of financial conditions?
  • Re PEPP: We did not discuss any phasing out of PEPP as it is simply premature. Any determination concerning the purchase pace is data dependent and not done on a calendar basis.
  • Re financial conditions: Loans in volume terms have slightly increased over the last quarter for the NFC sector and has remained roughly the same for households. This is backward looking. The BLS is more forward looking. BLS indicates that there is moderate tightening as opposed to the stronger tightening in the previous two surveys. In addition, banks indicate that there will be less demand from the NFC sector.
  • TLTROs are playing a critically important role in helping in bank lending operations. The takeup of the last TLTRO is evidence that banks are drawing benefits from these operations.
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