EURO
7 December 2023
Future euro banknotes – next steps
The Governing Council has selected two possible themes for future euro banknotes: “European culture” and “Rivers and birds”. What are the next steps in the redesign process?
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MACROPRUDENTIAL BULLETIN
6 December 2023
EU banking regulation
In this issue, we look at current topics in EU banking regulation: from resolution frameworks to implementing Basel III, and from crisis management to window dressing.
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THE ECB BLOG
6 December 2023
Do banks walk the green lending talk?
Banks are talking a lot more about the environment and how they are making lending greener. But how honest are they? The ECB Blog finds a disconnect: banks that talk more about their environmental policies and goals actually tend to lend more to brown industries.
Read The ECB Blog- 5 December 2023
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 5 December 2023
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 5 December 2023
- PRESS RELEASE
- 4 December 2023
- MFI INTEREST RATE STATISTICS
- 1 December 2023
- GOVERNING COUNCIL DECISIONS - OTHER DECISIONSEnglishOTHER LANGUAGES (23) +
- 30 November 2023
- EURO AREA INSURANCE CORPORATIONS STATISTICSAnnexes
- 30 November 2023
- EURO AREA INSURANCE CORPORATIONS STATISTICS
- 7 December 2023
- Speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB
- 4 December 2023
- Speech by Christine Lagarde, President of the ECB, à l’Académie des sciences morales et politiques, Paris
- 30 November 2023
- Speech by Christine Lagarde, President of the ECB, at 5th ECB Forum on Banking Supervision "Europe: banking on resilience" in Frankfurt, Germany
- 28 November 2023
- Slides by Philip R. Lane, Member of the Executive Board of the ECB, at the Michael Chae Seminar on Macroeconomic Policy, Harvard University
- 27 November 2023
- Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European ParliamentAnnexes
- 27 November 2023
- 27 November 2023
- 5 December 2023
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Balázs Korányi on 1 December 2023
- 29 November 2023
- Interview with Luis de Guindos, Vice-President of the ECB, conducted by Ruben Mooijman and Ariane van Caloen, on 23 November 2023
- 9 November 2023
- Interview with Luis de Guindos, Vice-President of the ECB, conducted by Albina Kenda
- 4 November 2023
- Interview with Christine Lagarde, President of the ECB, conducted by Alexis Papahelas on 30 October
- 16 October 2023
- Interview with Philip R. Lane, member of the Executive Board of the ECB, conducted by Marcel de Boer, Marijn Jongsma and Joost van Kuppeveld on 11 October 2023
- 6 December 2023
- Banks are talking more about the environment. But does such talk go hand in hand with greener lending? The ECB Blog finds a disconnect: banks talking more about their environmental policies and goals tend to lend more to brown industries.Details
- JEL Code
- G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G15 : Financial Economics→General Financial Markets→International Financial Markets
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
- 4 December 2023
- Policy makers around the world need to move faster to reach net zero emissions by 2050. Latest scenarios are alarming as the foreseeable impact of climate change is worse than previously projected. This ECB Blog post discusses the risks of further delaying the green transition.Details
- JEL Code
- E60 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General
E61 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination
H12 : Public Economics→Structure and Scope of Government→Crisis Management
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
- 29 November 2023
- European firms need to invest in new technologies to reach carbon neutrality by 2050. This often requires them to take on debt. But what if a company is already highly leveraged? The ECB Blog looks at the relationship between firms’ indebtedness and their success in reducing emissions.Details
- JEL Code
- G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
G38 : Financial Economics→Corporate Finance and Governance→Government Policy and Regulation
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
Q56 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Environment and Development, Environment and Trade, Sustainability, Environmental Accounts and Accounting, Environmental Equity, Population Growth
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
Q01 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→General→Sustainable Development
- 24 November 2023
- Europe must push the green transition forward if it wants to remain competitive in the world. New technologies and green energy aren’t just better for the environment, they also make good economic sense. To be successful, however, the transition needs to be just and inclusive.EnglishOTHER LANGUAGES (21) +
- 23 November 2023
- With rising inflation, people need more money to buy the same amount of goods. Governments can take measures to counteract this negative effect. The ECB Blog finds that recent euro area policies to support households were successful at first – but also very costly.Details
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H31 : Public Economics→Fiscal Policies and Behavior of Economic Agents→Household
H53 : Public Economics→National Government Expenditures and Related Policies→Government Expenditures and Welfare Programs
- 6 December 2023
- MACROPRUDENTIAL BULLETIN - FOCUS - No. 23Details
- Abstract
- This box aims at contributing to the discussion on creating more macroprudential space via a higher amount of releasable capital buffers by proposing a simple and broad quantitative indicator to measure effective macroprudential space which takes into account that releasable buffers might be constrained by overlapping parallel capital requirements. The indicator is defined as a measure of effective releasability of capital buffers, expressed as a percentage of banks’ risk weighted assets. The box further highlights both conceptual and practical implication of considering capital overlaps when assessing macroprudential space for macroprudential authorities.
- JEL Code
- G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 6 December 2023
- MACROPRUDENTIAL BULLETIN - FOCUS - No. 23Details
- Abstract
- This box reviews the objectives and design of the liquidity coverage ratio (LCR) in the Basel Framework. It explains why liquidity regulation was introduced and how it is calibrated to enable banks to withstand a predefined hypothetical stress scenario combining both market-wide and idiosyncratic stress elements. The box also highlights the fact that the LCR is not designed to cover all tail events involving liquidity risk. Based on data for significant euro area (EA) institutions, the box finds that around 92% of all observed net outflow rates for retail deposits were lower than the outflow rates assumed in the LCR between 2016 and 2023. It also shows that ample liquidity buffers helped significant banks in the euro area to withstand the banking stress seen in March 2023 in other jurisdictions. Nevertheless, further analysis, including on the driving factors for some of the outliers observed during stress episodes, could facilitate a better understanding of whether the LCR calibration is working as intended. To anticipate and address extreme tail events (as well as risks) not covered by the LCR, liquidity regulation needs to be complemented by frequent and granular reporting as well as rigorous supervision.
- JEL Code
- G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28. : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 6 December 2023
- MACROPRUDENTIAL BULLETIN - FOCUS - No. 23Details
- Abstract
- This box reviews the final 2017 Basel III reforms, explaining the main elements and their objectives. It provides updates on how the reforms will be transferred into EU legislation via amendments to the Capital Requirements Regulation and the Capital Requirements Directive (CRR3/CRD6), as well as on the state of play of the implementation of the 2017 Basel III reforms in the United States and the United Kingdom. It also serves as a reminder that the reforms will make banks more resilient and will lead to higher GDP in the long run.
- JEL Code
- G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
K20 : Law and Economics→Regulation and Business Law→General
- 6 December 2023
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 23Details
- Abstract
- This article analyses the European crisis management framework for banks. It concludes that key areas for improvement are the crisis management options for small and medium-sized banks as well as preparedness for systemic crises. The European Commission’s reform proposal represents an opportunity to implement the lessons learned over the last decade.
- JEL Code
- G01, G21, G28 : Financial Economics→General→Financial Crises
- 6 December 2023
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 23Details
- Abstract
- This article summarises the existing evidence of window dressing and seasonality of data at year-end reporting time for global systemically important banks (G-SIBs). Window dressing and seasonality of data distort the outcome of a point-in-time reporting framework, resulting in misleading bank disclosures, mismeasurement of bank risk, inappropriate capital requirements and misallocation of capital. Reduced activity at certain points in time can also be detrimental to market functioning and has the potential to amplify shocks that coincide with period-ends. These negative consequences are amplified by the global nature of the activities and the systemic risk of the banks concerned. Possible policy options for addressing this phenomenon include different reporting requirements, such as averaging over higher frequency data, to ensure that the measurement of a bank’s contribution to systemic risk and capital allocation is commensurate with its actual risk to the financial system and the real economy throughout the year.
- JEL Code
- G20 : Financial Economics→Financial Institutions and Services→General
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 5 December 2023
- WORKING PAPER SERIES - No. 2881Details
- Abstract
- We estimate spillovers from US monetary policy for different measures in the Federal Reserve’s toolkit. We make use of novel measures of exogenous variation in conventional rate policy, forward guidance and large-scale asset purchases (LSAPs) based on high-frequency asset-price surprises around Federal Open Market Committee meetings. The identification relies on relatively weak assumptions and accounts for the possible presence of residual endogenous components—such as central bank information effects—in these monetary policy surprises. We find that: (i) forward guidance and LSAPs trigger much larger spillovers than conventional rate policy; (ii) spillovers transmit predominantly through financial channels centering on global investors’ risk appetite and manifest in changes in equity prices, bond spreads, capital flows and the dollar exchange rate; (iii) LSAPs trigger immediate international portfolio re-balancing between US and advanced-economy bonds, but generally entail only rather limited term premium spillovers;(iv) both forward guidance and LSAPs entail trade-offs for emerging-market-economy central banks, either between stabilizing output and prices or between additionally ensuring financial stability in terms of capital inflows.
- JEL Code
- F42 : International Economics→Macroeconomic Aspects of International Trade and Finance→International Policy Coordination and Transmission
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
C50 : Mathematical and Quantitative Methods→Econometric Modeling→General
- 5 December 2023
- WORKING PAPER SERIES - No. 2880Details
- Abstract
- This paper estimates a fiscal reaction function (FRF) framework for euro area countries to test for the impact of changes in inflation on fiscal policy. We find evidence of non-linear short-term effects of HICP inflation on the primary balance after controlling for other relevant factors. Over the period 1999-2022, we unveil an inverse U-turn relationship and an inflation turning point - beyond which its short-term (contemporaneous) impact on the primary balance starts being negative - at somewhat above 4% for the sample of mature euro area economies (EA-12, first twelve EA members) and around 6% for the whole sample of euro area countries in 2022 (EA-19). Using an alternative measure of “inflation surprise” (available for the period 2003-2022) yields robust results in the larger EA-19 sample and lowers the threshold to just below 5%. In terms of channels, the non-linear effects are found to propagate through both the primary expenditure and the revenue ratio (more robustly through the former) in the EA-12 sample, while only the combined effect on the primary balance seems to prevail for EA-19. These results reflect primarily the most recent high inflation episode and indicate that in such conditions inflation can be costly for public finance flows even in the shorter run.
- JEL Code
- H60 : Public Economics→National Budget, Deficit, and Debt→General
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
C33 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Panel Data Models, Spatio-temporal Models
- 4 December 2023
- OTHER PUBLICATION
- 1 December 2023
- OCCASIONAL PAPER SERIES - No. 335Details
- Abstract
- Biodiversity – the variety of life on Earth – is essential for sustaining the healthy ecosystems that our economy and banks depend on. Despite the clear benefits of a healthy natural world for people and the economy, humanity is putting immense pressure on nature and biodiversity. Economic activities that rely on healthy nature are often responsible for generating environmental pressures. It is important to assess the impact that firms and financial institutions have on nature degradation, in order to reveal their exposure to transition risk and highlight the need to move towards an economic system that values nature, rather than putting it at risk. This study analyses the contribution of euro area economic activities – and the bank loans provided to enable them – to biodiversity loss by estimating biodiversity footprints. The datasets we use account for approximately €4.3 trillion in corporate loans to around 4.2 million companies located in the euro area, issued by more than 2,500 unique consolidated euro area banks. Considering two primary drivers of biodiversity loss (land-use change and climate change), the results show that the economy has had a significant impact on biodiversity, equivalent to the loss of 582 million hectares of “pristine” natural areas worldwide. Even though the impact on biodiversity is highest in Europe, the supply chains of companies are important determinants of their indirect biodiversity footprint worldwide. Asia and Africa have the largest areas impacted by activities that take place in company supply chains. Additionally, financing of economic activities with a high global impact on nature is concentrated: the ten banks with the highest financing share are responsible for financing around 40% of the total global impact of euro area firms. [...]
- JEL Code
- C55 : Mathematical and Quantitative Methods→Econometric Modeling→Modeling with Large Data Sets?
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G38 : Financial Economics→Corporate Finance and Governance→Government Policy and Regulation
Q5 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics
- 28 November 2023
- OCCASIONAL PAPER SERIES - No. 334Details
- Abstract
- We examined the net-zero commitments made by Global Systemically Important Banks (G-SIBs). In recent years, large banks have significantly increased their ambition and now disclose more details regarding their net-zero targets. There is also growing convergence, with the vast majority of G-SIBs now being part of net-zero alliances. Despite this progress, some practices should be further improved. We assessed climate-related risks disclosures publicly available for G-SIBs in 2022. The paper gives an overview about potentially problematic disclosure practices with regards to their net-zero commitments. It identifies and discusses a number of observations, such as the significant differences in sectoral targets used despite many banks sharing the same goal, the widespread use of caveats, the missing clarity regarding exposures to carbon-intensive sectors, the lack of clarity of “green financing” goals, and the reliance on carbon offsets by some institutions. The identified issues may impact banks’ reputation and litigation risk and risk management. The paper explains how the introduction of comparable international rules on climate disclosure and the introduction of transition plans, as envisaged and partly already in place in the European Union, could help mitigate these risks.
- JEL Code
- G2 : Financial Economics→Financial Institutions and Services
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
Q5 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
- 28 November 2023
- SURVEY ON THE ACCESS TO FINANCE OF ENTERPRISES IN THE EURO AREAAnnexes
- 28 November 2023
- SAFE QUESTIONNAIRE
- 28 November 2023
- RESEARCH BULLETIN - No. 113Details
- Abstract
- Recent advances in artificial intelligence have been met with anxiety about the future of jobs. This article examines the link between AI-enabled technologies and employment shares across 16 European countries, finding that occupations potentially more exposed to AI-enabled technologies increased their employment share during the period 2010-19. This has been particularly the case for occupations with a relatively higher proportion of younger and skilled workers.
- JEL Code
- J23 : Labor and Demographic Economics→Demand and Supply of Labor→Labor Demand
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 27 November 2023
- WORKING PAPER SERIES - No. 2879Details
- Abstract
- We study how monetary policy and risk shocks affect asset prices in the US, the euro area, and Japan, differentiating between “traditional” monetary policy and communication events, each decomposed into “pure” and information shocks. Communication shocks from the US spill over to risk in the euro area and vice versa, but traditional US shocks show no spillover effects to risk. Both monetary policy and communication shocks spill over to stocks, with euro area information spillovers being particularly strong. US spillovers are consistent with global CAPM intuition whereas euro area spillovers are larger. Importantly, we document a strong global component of risk shocks which is not driven by monetary policy.
- JEL Code
- E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G20 : Financial Economics→Financial Institutions and Services→General
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 27 November 2023
- SURVEY OF MONETARY ANALYSTS
- 27 November 2023
- LEGAL ACT
- 24 November 2023
- WORKING PAPER SERIES - No. 2878Details
- Abstract
- We study the effect of changes in firms’ ESG ratings on the cost of debt of U.S. firms using a methodology change of an ESG rating provider. We find that loan spreads of downgraded ESG-rated firms in the secondary corporate loan market increase by about 10% compared to non-downgraded ESG-rated firms after the methodology change. The effect of ESG rating downgrades is not driven by the increase in the fundamental default risk of firms but rather by the premium charged by investors above the spread for default risk. The effect is stronger for firms that are more financially constrained, firms that are more exposed to ESG and, particularly, climate risk concerns as well as firms that are more held by climate-concerned lenders. We show that also loan spreads of private (unrated) firms in industries affected by ESG rating downgrades increase after the methodology change.
- JEL Code
- E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
G20 : Financial Economics→Financial Institutions and Services→General
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies - Network
- ECB Lamfalussy Fellowship Programme
- 22 November 2023
- FINANCIAL STABILITY REVIEW - BOXFinancial Stability Review Issue 2, 2023Details
- Abstract
- Recent changes in the macroeconomic and financial landscape underscore the need to reassess how liquidity vulnerabilities have evolved for euro area open-ended bond funds. Bond funds’ HQLA levels have declined since 2019, indicating greater liquidity mismatch than prior to the pandemic. Over the same period, their redemption coverage for a severe outflow scenario has also deteriorated. In combination, this demonstrates that large-scale redemptions could lead to stress within the bond fund sector and, in turn, contribute to the procyclical sell-off of less liquid assets that could have negative repercussions for underlying markets. Results highlight the need to better align asset liquidity with fund redemption terms to address structural liquidity mismatch in open-ended funds.
- JEL Code
- G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G15 : Financial Economics→General Financial Markets→International Financial Markets
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
- 22 November 2023
- FINANCIAL STABILITY REVIEW - BOXFinancial Stability Review Issue 2, 2023Details
- Abstract
- The digitalisation of financial services brings a variety of benefits but could also amplify and accelerate the materialisation of financial stability risks. While the increased popularity of retail trading via apps enables wider risk sharing across the economy, it could result in more procyclicality in financial markets. In addition, digitalisation in the form of social media allows information to spread faster but could also trigger or amplify shocks in financial markets or the banking sector especially when interacting with the increased use of online banking. Overall, the digitalisation of financial services may have broader policy-relevant implications for financial markets and banks that should be monitored.
- JEL Code
- G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G14 : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G2 : Financial Economics→Financial Institutions and Services
G41 : Financial Economics
G53 : Financial Economics
:
- 22 November 2023
- FINANCIAL STABILITY REVIEW - BOXFinancial Stability Review Issue 2, 2023Details
- Abstract
- The surge in trading volumes for short-term equity options, particularly 0 days to expiry (0DTE), poses some risks due to amplified leverage embedded in these contracts. Market participants find 0DTE options cost-efficient, providing flexibility for hedging or speculating on immediate market impacts, especially during periods of heightened economic uncertainty. However, the lower premia for shorter expiry options significantly increase effective leverage, potentially amplifying their impact on underlying markets. The dynamic hedging strategies employed by option sellers, driven by the option’s sensitivity to changes in the underlying index, could fuel intraday volatility spirals. While aggregate market impact depends on investors’ positioning and hedging activities, an imbalance in positions, especially with higher leverage in shorter-dated and out-of-the-money options, might trigger disorderly market moves.
- JEL Code
- G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G15 : Financial Economics→General Financial Markets→International Financial Markets
G17 : Financial Economics→General Financial Markets→Financial Forecasting and Simulation
:
- 22 November 2023
- FINANCIAL STABILITY REVIEW - ARTICLEFinancial Stability Review Issue 2, 2023Details
- Abstract
- This special feature builds on the concept of maturity gap as a metric of banks’ maturity mismatch to shed light on how banks’ engagement in maturity transformation differs across euro area countries and bank types. Banks can mitigate the interest rate risk stemming from their maturity mismatch by using derivatives for hedging purposes. Euro area banks increased their positions in interest rate derivatives over the last two years in anticipation of the start of monetary policy normalisation. Significant institutions rely more than cooperative and savings banks on interest rate derivatives and have a more diversified positioning. A box within the special feature finds that this greater reliance on derivatives was not sufficient to compensate for the material increase in interest rate risk. The extent of banks’ maturity mismatch determines the sensitivity of their net interest income to changes in interest rates and the slope of the yield curve. This special feature provides empirical evidence that the more banks engage in maturity transformation, the more their net interest margin benefits from a steepening of the yield curve, boosting bank profits. This effect might dissipate going forward, especially for banks in countries where variable-rate lending predominates.
- JEL Code
- G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
Interest rates
| Marginal lending facility | 4,75 % |
| Main refinancing operations (fixed rate) | 4,50 % |
| Deposit facility | 4,00 % |
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