2017年-ECB欧洲央行_Liquidity_conditions_and_monetary_policy_operations_in_the_period_from_26_October_2016_to_24_January_2017_5页_223kb

报告摘要

ECB Liquidity and Monetary Policy Summary (26 October 2016 to 24 January 2017)

Core Content

During the period from 26 October 2016 to 24 January 2017, the European Central Bank (ECB) maintained its monetary policy instruments at unchanged rates:

Main Refinancing Operations (MROs): 0.00%
Marginal Lending Facility: 0.25%
Deposit Facility: -0.40%

The ECB continued its Expanded Asset Purchase Programme (APP), which included the purchase of public sector securities, covered bonds, asset-backed securities, and corporate sector securities, with an average monthly target of €80 billion.

Key Monetary Policy Operations

TLTRO-II (Third targeted longer-term refinancing operation):
- Amount settled: €62.2 billion
- Voluntary repayments from TLTRO-I: €14.2 billion
- Net liquidity injection: €48.0 billion
- Total outstanding TLTRO amount: €545.7 billion at the end of the review period
Open Market Operations:
- Increased by €257.2 billion to €2,179.9 billion
- The increase was mainly due to the expanded asset purchase programme
Tender Operations:
- Increased by €29.7 billion to €563.2 billion
Liquidity-providing instruments:
- MROs: decreased by €6.4 billion
- Three-month LTROs: decreased by €6.1 billion
- TLTROs: increased by €42.1 billion
Outright portfolios (APP):
- Increased by €227.4 billion to €1,616.7 billion
- Public Sector Purchase Programme (PSPP): increased by €198.2 billion
- Third covered bond purchase programme: increased by €11.2 billion
- Asset-backed securities purchase programme: increased by €1.9 billion
- Corporate sector purchase programme: increased by €24.2 billion
- Redemption of bonds: totalled €8.1 billion from the Securities Markets Programme and previous covered bond purchase programmes

Liquidity Needs

Average daily liquidity needs: €993.2 billion, an increase of €85.2 billion compared to the previous review period
Increase attributed to:
- Autonomous liquidity factors: rose by €84.3 billion to €875.2 billion
- Minimum reserve requirements: increased only marginally

Autonomous Liquidity Factors

Banknotes in circulation: increased by €14.9 billion to €1,110.5 billion, consistent with year-end patterns
Government deposits: increased by €0.1 billion to €152.0 billion
Other autonomous factors: increased by €13.0 billion to €682.3 billion
Net assets denominated in euro: decreased by €51.5 billion to €388.4 billion
Net foreign assets: decreased by €4.7 billion to €681.5 billion

Excess Liquidity

Average excess liquidity: increased by €172.0 billion to €1,186.7 billion
Increase in the seventh maintenance period: €98.9 billion due to liquidity provided by the APP
Increase in the eighth maintenance period: €88.8 billion, driven by the APP and offset by a decline in autonomous liquidity factors
Christmas period impact: slower pace of asset purchases in the eighth period

Interest Rate Developments

EONIA (euro overnight index average): averaged -0.350%, a marginal decrease from -0.342% in the previous period
EONIA range: from -0.356% to -0.329%
Secured market rates:
- GC Pooling market:
  - Standard collateral basket: -0.405%
  - Extended collateral basket: -0.399%
- Both declined by 0.004 percentage points compared to the previous review period
Core collateral rates: reached historic lows, particularly in the year-end period
- German collateral: one-day RepoFunds Rate reached -4.9%
- French collateral: one-day RepoFunds Rate reached -5.3%
- Italian and Spanish collateral: smaller declines
Post-year-end: repo rates reverted to levels observed in November

Additional Measures

Starting 8 December 2016, Eurosystem central banks accepted cash as collateral in PSPP securities lending facilities, without the need for reinvestment in a cash-neutral manner
This measure aimed to support the liquidity and functioning of the euro area repo market and alleviate potential collateral-related tensions

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