¿Cómo puede la banca de España e Italia acaparar el 135% del dinero del BCE?
Los bancos de algunos países tienen saldo positivo con el banco emisor
La banca española deja 88.742 millones en depósitos y la italiana, solo 10.000
2012年03月には、スペインの銀行はヨーロッパ中央銀行から2276億0000'0000を借り、イタリアの銀行は、2600億0000'0000ユーロを借りた
ANALYSIS
How can the banks of Spain and Italy grab 135% of the money from the ECB?
Banks in some countries have surplus with the issuing bank
Spanish banks left 88.742 million in deposits and Italy, only 10,000
Miguel Jimenez Madrid 13 ABR 2012 - 12:12 CET
How can the banks of Spain and Italy grab 135% of the money from the ECB?
Banks in some countries have surplus with the issuing bank
Spanish banks left 88.742 million in deposits and Italy, only 10,000
Miguel Jimenez Madrid 13 ABR 2012 - 12:12 CET
The usual interpretation of the figures of the European Central Bank loans to financial institutions is beginning to be absurd in these extraordinary times. So far, the net balance of what a country would borrow the ECB could be compared with all that the ECB lends to banks in the euro area and give a fair idea of the relative appeal of funds. But when fear has gripped the financial institutions and many banks have deposited with the ECB huge amounts of money, the total net balance begins to stop making sense. Or at least the sense that it had so far.
Just look at the figures for March. The Eurosystem had lent to banks across the euro area net 361 695 000 in March. But Spain alone monopolized 227,600 million and Italy, 260,000 million. That is, between the two amounted to 135% of the total!.
How do you explain? Unfortunately, to exemplify it must put a lot of figures. In fact, the total European 361 695 000 is the result of subtracting 1.14 billion by the ECB provided banks the 780,000 million that banks have deposited with the ECB. Could theoretically be reached if all the banks to the ECB lend more than the ECB lends to them. In fact, that is the case with banks in some countries with excess liquidity and thus explaining the apparent senselessness of 135%.
Spanish banks 316 343 000 calls on the ECB, but also deposited at the central bank 88.742 million, as recorded in the information disseminated by the Bank of Spain, which publishes the monthly average of daily data. Both figures have soared to the liquidity auction last three years. You can calculate that Spanish banks asked the ECB in that auction more than 160,000 million, but that, of that number, about 70,000 were reserved not used.
Italian banks, by contrast, has asked the ECB less money gross (270,000 million), but has little liquidity cushion placed at the central bank (10,000 million), according to data released by the Bank of Italy, which gives a figure monthly average, but the end of the month.
Overall, then, and saving this methodological difference, banks in Spain and Italy have asked the Eurosystem about 586,000 million, 51% of the total of 1.14 billion provided to European banks. And yet, they have less than 13% of the 780,000 million the euro zone banks shelter through the call deposit facility by the ECB itself. What that means is that the sum of banks from other countries, excluding Spain and Italy, are deposited at the ECB more money you borrow. Obviously, among these other countries will be some net money borrowed and others with net deposited. But what matters for these effects is that the total excess liquidity.
But even the national balance between different realities can hide some banks and others. There may be deposited in banks with the ECB all or most of what others have requested and vice versa.
The absolute numbers give an idea of the great dependence of the Spanish and Italian banks have money to drought ECB markets. What starts out not to be relevant is the percentage of the total net balance. Theoretical exercises may be made where the request of Spanish banks reached 200%, 300% or 10,000% even though the absolute numbers were reduced dependency Spanish, but those percentages would make sense?
Just look at the figures for March. The Eurosystem had lent to banks across the euro area net 361 695 000 in March. But Spain alone monopolized 227,600 million and Italy, 260,000 million. That is, between the two amounted to 135% of the total!.
How do you explain? Unfortunately, to exemplify it must put a lot of figures. In fact, the total European 361 695 000 is the result of subtracting 1.14 billion by the ECB provided banks the 780,000 million that banks have deposited with the ECB. Could theoretically be reached if all the banks to the ECB lend more than the ECB lends to them. In fact, that is the case with banks in some countries with excess liquidity and thus explaining the apparent senselessness of 135%.
Spanish banks 316 343 000 calls on the ECB, but also deposited at the central bank 88.742 million, as recorded in the information disseminated by the Bank of Spain, which publishes the monthly average of daily data. Both figures have soared to the liquidity auction last three years. You can calculate that Spanish banks asked the ECB in that auction more than 160,000 million, but that, of that number, about 70,000 were reserved not used.
Italian banks, by contrast, has asked the ECB less money gross (270,000 million), but has little liquidity cushion placed at the central bank (10,000 million), according to data released by the Bank of Italy, which gives a figure monthly average, but the end of the month.
Overall, then, and saving this methodological difference, banks in Spain and Italy have asked the Eurosystem about 586,000 million, 51% of the total of 1.14 billion provided to European banks. And yet, they have less than 13% of the 780,000 million the euro zone banks shelter through the call deposit facility by the ECB itself. What that means is that the sum of banks from other countries, excluding Spain and Italy, are deposited at the ECB more money you borrow. Obviously, among these other countries will be some net money borrowed and others with net deposited. But what matters for these effects is that the total excess liquidity.
But even the national balance between different realities can hide some banks and others. There may be deposited in banks with the ECB all or most of what others have requested and vice versa.
The absolute numbers give an idea of the great dependence of the Spanish and Italian banks have money to drought ECB markets. What starts out not to be relevant is the percentage of the total net balance. Theoretical exercises may be made where the request of Spanish banks reached 200%, 300% or 10,000% even though the absolute numbers were reduced dependency Spanish, but those percentages would make sense?
2012年03月には、スペインの銀行はヨーロッパ中央銀行から2276億0000'0000を借り、イタリアの銀行は、2600億0000'0000ユーロを借りた
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