LE OPERAZIONI DI FINANZIAMENTO A LUNGO TERMINE DELLA BCE

[Autom. eng. transl.] • In 2019 the European Central Bank, given the persistence of uncertainty about the trend of the economic cycle and inflation expectations, introduced the third series of TLTRO operations. • The Governing Council of the European Central Bank to counter the recessionary effects of the pandemic on economic activity, at its meeting on March 12, 2020, introduced a series of monetary policy measures, including a new series of TLTRO operations • Italian banks have not shown particular interest in these transactions. Less than 20 Italian banks participated in the first TLTRO-III.1 operation, obtaining a liquidity of approximately 30 billion • The ECB to incentivize participation has changed the conditions for access to TLTRO-III operations. Following these changes in the TLTRO-III.4 operation, the 95 Italian banks that participated obtained 249.3 billion • The termination of this TLTRO program has an impact on the interest margin for the banks. In addition, banks will have to make more use of liquidity-raising through bond issues.