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Finance

Finance

The European Central Bank (ECB) today announced the outcome of the third auction of TLTRO (targeted long-term refinancing operations). These long-term financing operations aim to stimulate lending in the euro zone. The demand for additional liquidity has reached 47.9 billion euros. In the first auction of the TLTRO-2, the demand for additional liquidity was 36 billion euros and, in the second, was 34 billion euros.

Europe has taken a giant leap forward to keep taxpayers from footing bailout bills in the future. Last week, the European Commission unveiled a regulatory package which, among other measures, envisaged the revision of the resolution framework for institutions. The proposal represents a new leap towards the goal of ensuring that banks allocate the right amount of resources to absorb eventual losses, even bail-out themselves, without resorting to public funding. It will also help European banks boost the amount of high-quality capital in their balance sheets.