The first of the ECB's eight Tltro issues will kick off next Thursday, i.e. the refinancing auctions with which it is intended to reactivate credit and make money flow to businesses. In 2014, two operations will be carried out for a total maximum amount of 400 billion.
In reality, not all banks, especially those in the "core" area of northern Europe, will apply for these loans. Barclays assumes that the request will not exceed 270 billion, while Unicredit's estimates do not go beyond 350 billion.
The impact for southern Europe will be conditioned by the repayment of the loans obtained with the first Ltro: around 150 billion out of the 255 disbursed in 2011/12. The repayment to the ECB is set for February 2015.
