ユーロ圏の523の銀行のうち278の銀行は、欧州中央銀行に流動資金不足で借り手いた3年融資の金利が1%以下の4891億9000万0000ユーロの融資のうち28%の1372億0000'0000ユーロを早期返済
Los bancos anticipan la devolución de 137.200 millones al BCE
Las entidades amortizan un 28% de la primera inyección de liquidez a tres años del supervisor
La devolución supera las expectativas de los analistas y empuja al alza la cotización del euro
278 de los 523 bancos que recibieron fondos aprovechan la primera opción de devolver dinero
Alejandro Bolaños Madrid 25 ENE 2013 - 11:51 CET
Banks anticipate the return of 137,200 million to the ECB
Entities depreciated by 28% of the first injection of liquidity to three years of supervisor
The return exceeds the expectations of analysts and pushes up the euro
278 of the 523 banks that received funds take advantage of the first option to return money
Alejandro Bolaños Madrid 25 ENE 2013 - 11:51 CET
Some euro zone banks are becoming less dependent on the liquidity of the European Central Bank (ECB), a further sign of what the supervisor plays a significant improvement in financial conditions, as another omen that the worst of The euro crisis has passed, but the brutal unemployment figures have otherwise. The ECB gives, from next week, the possibility that banks that signed up to the first macrosubasta liquidity to three years (489,190 million paid at rates below 1%), return the credit in advance. One option, which just announced as the issuer of the euro, exercised 278 523 entities that received funds: amortized, the statement of the ECB 137 200 million, 28% of the loans.
From now on, entities will each week be able to return all or part, which received in December 2011 auction. From the end of next month, this mechanism also opens prepayment for the 800 banks that benefited from the second auction, which injected another 529,529,000 in the financial system of the euro.
The kick-off of this early repayment mechanism outstripped analysts' expectations. According to a Bloomberg survey collected from a dozen international research services, experts expected that in this first week, no amortization came to 85,000 million euros. In fact, not believed to be paid in advance more than 200,000 million two auctions in the first half of the year, an estimate that this first return small leaves.
Spanish banks asked about a third of that loaned the ECB trillion between 2011 and 2012
The ECB has not provided detailed information on banks, not even his nationality, who have decided to return money. According to analysts' estimates, based on data collected by national central banks, Spanish banks were the most resorted to this extraordinary way of loan granted three-year ECB to hoard some 313,000 million, a 31% of billion injected into the two auctions. Italian banks, also with serious liquidity problems in the transition from 2011 to 2012, called for 25% of the credits.
Analysts reserves were due to uncertainty about the outcome of the Italian elections, but mainly to the fact that there are still many banks in the periphery without market access. In addition, many companies took advantage of the ECB liquidity to invest in government bonds and profit from the difference in interest rates, which in many cases it is cheaper to wait for the expiration of such operations. That part of those doubts have been cleared, encouraged the euro (about $ 1.35 now) and relaxed risk premiums. Remains to be seen how many of the banks that amortize debt three years now turn to other avenues open ECB lending, but shorter (one week, one month or three months).
When unplugged from the powerful means of liquidity provided by the ECB, banks will save the interest from the loan amortization. And regain control of the assets that were pledged as collateral on the loan, a demand of the supervisor of the euro in these operations. And above all, they send the message that they no longer need the assistance of the supervisor, you are able to get liquidity in the market (interbank or not) to cover its debt maturities, even with enough credibility to schedule operations without need collateral
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