WATCH: ECB pushes out rate hike, offers cheap cash to banks
FRANKFURT, March 7 - The European Central Bank pushed out the timing of its first post-crisis rate hike to next year at the earliest on Thursday and offered banks new rounds of multi-year cash.
In response, the ECB said its interest rates will remain at record lows at least through the end of this year. In addition it launched a new Targeted Long-Term Refinancing Operation, partly aimed at helping banks roll over 720 billion euros in existing ECB loans and avoid a credit squeeze that could exacerbate the current economic slowdown.
“Under TLTRO-III, counterparties will be entitled to borrow up to 30 percent of the stock of eligible loans as at 28 February 2019 at a rate indexed to the interest rate on the main refinancing operations over the life of each operation,” the ECB said.
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