ASI: Rechtstreekse subsidie ECB aan banken

ASI: Rechtstreekse subsidie ECB aan banken

ECB
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Paul Diggle,  chief economist bij Aberdeen Standard Investments, reageert op het ECB-besluit van vandaag.

'The ECB’s new decision today is about its lending programme, rather than the interest rate or QE purchases that usually get the limelight. But the announcement is no less important for that. The ECB has expanded the size of its programme of cheap loans to the banking sector, and lowered the interest rate that banks can borrow at to -1%.

The latter is really quite remarkable if you think about it – Eurozone banks are getting paid 1% to take money from the ECB and lend it on to firms and households. The ECB could keep lowering that interest rate if it wanted to, and instead of having the adverse consequences for the banking sector that many fear from negative rate, it is actually a direct subsidy to the banks.'