Based on a large and representative data set we investigate the liquidity of Eurozone government bonds in ordinary times as well as in periods of market turmoil looking at the behavior of several liquidity indicators from 2005 to 2012. We find that the effect of adverse market conditions on...

Following the gradual demise of TLTROs, the banking sector as a whole does not appear overly reliant on Central bank funding. Excess liquidity with the ECB remains abundant and banks enjoy a large cushion of unencumbered government bonds to be used in secured borrowing. They have also increased...

Following the gradual demise of TLTROs, the banking sector as a whole does not appear overly reliant on Central bank funding. Excess liquidity with the ECB remains abundant and banks enjoy a large cushion of unencumbered government bonds to be used in secured borrowing. They have also increased...