Linzert, Tobias (contributor); Nautz, Dieter (contributor); … - 2004
strategyinLTROsthatcomesalongwithahigherrisktogooutemptyhanded.
3.3 Country Differences in LTRO Bidding Performance
Every credit institution in the euro area, and thus every bidder … another euro area country.
8
Thenumberofbanks
takingpartintheECB’sopenmarketoperationsdiffersconsiderablyacrosscountries.
The …)maturingafterthreemonths. AlthoughMROsaretheECB’sprimarypolicy
instrument,LTROsarefarfromnegligible. In2003,refinancingviaLTROsamounts
to 45 bln Euro which is about 20 …