ECB: Focus on the results for the take-up of TLTRO II - TDS

Research Team at TDS, suggests that the markets today will keep an eye on the ECB as it publishes results for the take-up of TLTRO II this morning around 10:30am BST.

Key Quotes

“The participation in the first TLTRO II in June wasn’t particularly high, with only about €30bn of net new take-up on top of the €368bn of rollover from TLTRO I.  Although the ECB’s latest Bank Lending Survey found that “More than half of the banks indicated that past TLTROs contributed to an improvement in their profitability, which was higher than in previous BLS rounds,” expectations for take-up in this second round still seem to be fairly low, with a recent Reuters poll pointing to a net €22.8bn in new borrowing.”