ECB TLTRO sees €15.548bn taken up against around €70bn expected
Lest we forget the other liquidity pumping measures they've got up their sleeves
The estimated range for today was pretty wide at 35-120bn and it's come in well below that
The last TLTRO's have been much higher
- Sep 2014 82.6bn
- Dec 2014 129.8bn
- Mar 2015 97.8
- Jun 2015 73.8bn
To give it the benefit of the doubt the lower take up should be a sign that liquidity is returning to normal and there's no need for banks to soak more money up. Of course that needs to be balanced with improving credit conditions and better lending and borrowing to the economy. QE is also another reason why the numbers should tail off now.
With excess liquidity jumping to 470bn from 71bn in Nov, the ECB might need to start planning how to drain it off further down the line
