Germany: ECB's Lagarde announces refinancing ops for coronavirus-hit economies

European Central Bank (ECB) President Christine Lagarde said the ECB would conduct additional longer-term refinancing operations (LTROs) to provide immediate liquidity support to the euro-area financial system which might come under strain due to the consequences of the coronavirus outbreak. Lagarde was speaking in Frankfurt am Main on Thursday. «We decided to conduct, temporarily, additional... Еще longer-term refinancing operations (LTROs) to provide immediate liquidity support to the euro-area financial system. Although we do not see material signs of strains in money markets or liquidity shortages in the banking system, these operations will provide an effective backstop in case of need,» said Lagarde. «They will be carried out through a fixed rate tender procedure with full allotment, with an interest rate that is equal to the average rate on the deposit facility. The LTROs will provide liquidity at favourable terms to bridge the period until the TLTRO III operation in June 2020. The Governing Council decided to apply considerably more favourable terms during the period from June 2020 to June 2021 to all TLTRO III operations outstanding during that same time. These operations will support bank lending to those affected most by the spread of the coronavirus, in particular small and medium-sized enterprises,» she added. Mandatory Credit: EBS
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