Summary of Analyst Views: - While most..........>

ECB: Summary of Analyst Views:

- While most analysts fully expect the ECB to introduce a new TLTRO, the

majority believe that March would be too early to do so. At this stage President

Draghi is likely to indicate that discussions around a new TLTRO are currently

underway. Implementation is more likely in April-June.

- Potential modalities of a new TLTRO: Most expect the terms to be less generous

than before. A maturity of 2-3 years is widely expected with access conditional

on credit extension. Most analysts expect loans to be indexed to a variable rate

(i.e. the MRO rate).

- The consensus expects significant downgrades to the official economic growth

and inflation forecasts for 2019. Minimal adjustments are expected to the

2020/2021 projections.

- A minority of analysts see potential for a discussion on the consequences of

negative interest rates during the Q&A.