La adicción de la banca española a la liquidez del BCE toca máximos
Las entidades acaparan más de un cuarto todo el dinero barato facilitado por el organismo
El crédito a largo plazo asciende a 315.306 millones, pero solo devuelven 88.742 millones
スペインの銀行は、ヨーロッパ中央銀行から、3153億0600万0000ユーロを借りている
The addition of Spanish banks to the ECB liquidity maximum touch
Institutions hold more than one quarter of all the cheap money supplied by the organism
The long-term loans amounted to 315.306 million, but return only 88.742 million
Alvaro Romero Madrid 13 ABR 2012 - 11:07 CET
Institutions hold more than one quarter of all the cheap money supplied by the organism
The long-term loans amounted to 315.306 million, but return only 88.742 million
Alvaro Romero Madrid 13 ABR 2012 - 11:07 CET
The appeal of Spanish banks to the ECB liquidity facilities in March broke all records after the rain mass of cheap money with which the central bank has spread to the Eurosystem. As reported today the Bank of Spain, Spanish banks have captured a whopping 315.306 million euros in the open bar the ECB opened between December and February in order to stabilize the markets, the highest since they started this statistic in 1999, and 28% of the total.
If this amount has been increasing steadily in recent months, which also adds Spanish banks have asked the short term, the total requested amount to 316.343 million at the end of March. This figure is roughly the same proportion compared to all money has been borrowed from the ECB in European banking.
The set of wallets in the windows of ECB liquidity, banks have outstanding resident in Spain to return to the Monetary Authority of EUR 227,600 million, as the rest 88.742 million, is parked in the institution he presides Mario Draghi. A month ago, the debt outstanding was 152,400 million in 2011, 48,000 million on average.
Given this relationship between what is claimed and what is left in trust the ECB, which in the case of Spanish entities opts decisively to keep the money paid out of the coffers of the institution, the institutions of the eurozone have chosen the opposite trend.
In total, the Eurosystem has captured 1.13 billion to the ECB, while left on deposit 779 771 000, giving a total of outstanding return of 361 695 000. At this level of what is yet to return, Spain builds 62% of the total.
Distrust and credit restrictions
The decision of the European banks of sheltering most of their liquidity at the ECB, which paid these funds to a meager 0.25% notes, a month, the restrictions suffered by the credit market by mistrust between them . Especially against countries with deficit problems and suspicion in the debt markets. If the entities opting to pay this money, would get a much higher return, but prefer to sacrifice these potential safety benefits that are the wineries of the Central Bank.
more informationHow can the banks of Spain and Italy grab 135% of the money from the ECB?Doubts about the stock market plunge banking and shoot the premiumThe EU ministers assessed Spanish imbalances in June
In the case of Spain, entities, as highlighted analysts have chosen to devote much of the cash collected on the ECB to buy government debt, mainly from the Treasury itself. Something extrapolated to Italian banks.
According to estimates by Goldman Sachs, the entities of both countries, the hardest hit when released at finance in the months before the first of two extraordinary auctions of liquidity made the Central Bank, which took place in December, the State would have bought paper worth 104,000 million. The latter transaction was made on 29 February.
Dissipates the improvement in the markets
Thanks to the recovery of banks' appetite for sovereign debt, and that now counted as risk assets for European supervisors when before I did not, Spain and Italy experienced a significant improvement in their auctions. However, a month after the open bar is closed, the effect of the measure has been diluted.
This has returned the pressure on the Italian bonds and those of Spain, which also has been overtaken by Italy in this new episode of regrowth of the crisis. In fact, in terms of risk premium (the premium required to Treasuries to 10 years against the Germans) Spain has become the next euro country most likely to be next to need international assistance.
Today, the publication of these data has had an immediate impact on the stock and bond markets, because after learning the balance of funding from the ECB, have expanded the force falls in the Spanish index Ibex 35 and has triggered the risk premium.
If this amount has been increasing steadily in recent months, which also adds Spanish banks have asked the short term, the total requested amount to 316.343 million at the end of March. This figure is roughly the same proportion compared to all money has been borrowed from the ECB in European banking.
The set of wallets in the windows of ECB liquidity, banks have outstanding resident in Spain to return to the Monetary Authority of EUR 227,600 million, as the rest 88.742 million, is parked in the institution he presides Mario Draghi. A month ago, the debt outstanding was 152,400 million in 2011, 48,000 million on average.
Given this relationship between what is claimed and what is left in trust the ECB, which in the case of Spanish entities opts decisively to keep the money paid out of the coffers of the institution, the institutions of the eurozone have chosen the opposite trend.
In total, the Eurosystem has captured 1.13 billion to the ECB, while left on deposit 779 771 000, giving a total of outstanding return of 361 695 000. At this level of what is yet to return, Spain builds 62% of the total.
Distrust and credit restrictions
The decision of the European banks of sheltering most of their liquidity at the ECB, which paid these funds to a meager 0.25% notes, a month, the restrictions suffered by the credit market by mistrust between them . Especially against countries with deficit problems and suspicion in the debt markets. If the entities opting to pay this money, would get a much higher return, but prefer to sacrifice these potential safety benefits that are the wineries of the Central Bank.
more informationHow can the banks of Spain and Italy grab 135% of the money from the ECB?Doubts about the stock market plunge banking and shoot the premiumThe EU ministers assessed Spanish imbalances in June
In the case of Spain, entities, as highlighted analysts have chosen to devote much of the cash collected on the ECB to buy government debt, mainly from the Treasury itself. Something extrapolated to Italian banks.
According to estimates by Goldman Sachs, the entities of both countries, the hardest hit when released at finance in the months before the first of two extraordinary auctions of liquidity made the Central Bank, which took place in December, the State would have bought paper worth 104,000 million. The latter transaction was made on 29 February.
Dissipates the improvement in the markets
Thanks to the recovery of banks' appetite for sovereign debt, and that now counted as risk assets for European supervisors when before I did not, Spain and Italy experienced a significant improvement in their auctions. However, a month after the open bar is closed, the effect of the measure has been diluted.
This has returned the pressure on the Italian bonds and those of Spain, which also has been overtaken by Italy in this new episode of regrowth of the crisis. In fact, in terms of risk premium (the premium required to Treasuries to 10 years against the Germans) Spain has become the next euro country most likely to be next to need international assistance.
Today, the publication of these data has had an immediate impact on the stock and bond markets, because after learning the balance of funding from the ECB, have expanded the force falls in the Spanish index Ibex 35 and has triggered the risk premium.
スペインの銀行は、ヨーロッパ中央銀行から、3153億0600万0000ユーロを借りている
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