Arbeitspapier

Who takes the ECB's targeted funding?

This paper investigates motives of banks to borrow funds from the ECB through its first two series of targeted longer-term refinancing operations (TLTROs) allotted between September 2014 and March 2017. We quantify that the top-three parameters that determine banks' take-up decisions are the price of the operation, the amount of eligible collateral of the bank, and the composition of that collateral. In particular, the opportunity for banks to transform their less liquid assets partly into liquid central bank reserves by pledging these assets as collateral with the central bank is a strong motive for take-up and suggests that accepting a broad set of collateral was important for the monetary easing provided by TLTROs. In addition, we find that the conditions attached to TLTRO participation and take-up played an important role in creating broad-based participation across banks of different financial strength and size.

ISBN
978-92-899-4082-5
Sprache
Englisch

Erschienen in
Series: ECB Working Paper ; No. 2439

Klassifikation
Wirtschaft
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
Single Equation Models; Single Variables: Truncated and Censored Models; Switching Regression Models; Threshold Regression Models
Monetary Policy
Central Banks and Their Policies
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Thema
monetary policy operations
funding for lending
targeted longer-term refinancing operations
take-up behaviour
dynamic Tobit panel

Ereignis
Geistige Schöpfung
(wer)
Sugo, Tomohiro
Vergote, Olivier
Ereignis
Veröffentlichung
(wer)
European Central Bank (ECB)
(wo)
Frankfurt a. M.
(wann)
2020

DOI
doi:10.2866/167993
Handle
Letzte Aktualisierung
10.03.2025, 11:42 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Sugo, Tomohiro
  • Vergote, Olivier
  • European Central Bank (ECB)

Entstanden

  • 2020

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