2016年-ECB欧洲央行_The_second_series_of_targeted_longer-term_refinancing_operations_TLTRO_II_5页_150kb

TLTRO II Summary

Core Content

The European Central Bank (ECB) introduced the Second Series of Targeted Longer-Term Refinancing Operations (TLTRO II) on 10 March 2016 as part of its accommodative monetary policy to improve credit conditions for the non-financial private sector and stimulate bank lending to the real economy. TLTRO II is designed to provide long-term funding at favorable rates to eligible banks, with the goal of contributing to a return of inflation to levels below but close to 2% over the medium term.

Key Features of TLTRO II

• Duration: TLTRO II consists of four operations conducted once a quarter between June 2016 and March 2017, each with a maturity of four years from the time of settlement.
• Early Repayment: Banks can repay the amounts borrowed voluntarily after two years, with no mandatory early repayment.
• Voluntary Transfer: An additional voluntary repayment option in June 2016 allows banks that participated in TLTRO I to transfer their funding to TLTRO II.

Borrowing Limits and Eligibility

• Maximum Borrowing: Banks can borrow up to 30% of a specific eligible part of their outstanding loans as of 31 January 2016, minus any outstanding amounts borrowed under TLTRO I.
• Aggregate Limit: The upper limit for the aggregated borrowing allowances is estimated to be around €1.6 trillion.
• Eligibility: Only banks with eligible loans can participate in TLTRO II.

Pricing Mechanism

• Rate Determination: The borrowing rate for TLTRO II depends on the lending performance of the banks.
• Benchmark: The benchmark net lending is based on the 12-month period ending on 31 January 2016.
  • For banks with positive eligible net lending, the benchmark is set at zero.
  • For banks with negative eligible net lending, the benchmark is set at the negative net lending during that period.
• Interest Rate: The maximum interest rate for each TLTRO II operation is set at the Main Refinancing Operation (MRO) rate prevailing at the time of allotment.
• Discount Rate: Banks that exceed their benchmark stock of eligible loans by 2.5% as of 31 January 2018 can benefit from the lowest possible rate, which is the deposit facility rate at the time of allotment.
• Graduated Rates: The interest rate is graduated linearly based on the percentage by which a bank exceeds its benchmark.

Effectiveness and Objectives

• Primary Objective: Improve funding conditions for final borrowers in the real economy by lowering the cost of market-based bank funding.
• Expected Outcome: The cost advantage from TLTRO II is expected to be passed on to bank borrowers, thus stimulating lending.
• Track Record: TLTRO I (launched in 2014) showed that banks with strong lending performance were more likely to benefit from the lower rates, and similar expectations are held for TLTRO II.

Summary of Stylised Examples

Conclusion

TLTRO II is a key monetary policy tool aimed at supporting the transmission of accommodative policy rates to the real economy. It provides long-term funding at attractive rates to eligible banks, with incentives for those with strong lending performance. The measure is designed to improve credit availability and lower borrowing costs for non-financial enterprises and households, with flexibility in repayment and no mandatory early repayment. The effectiveness of TLTRO II will be measured by its impact on funding conditions and lending behavior of banks.