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Central Banks: LTRO Tracker

Highlights for Eurozone

  • Long-Term Refinancing Operations decreased by €0.3bn (minus 0.0%, Δ 1 Week) to a total of €1,792bn
  • Largest decrease in 26 weeks (in €)

Highlights for Germany

  • Long-Term Refinancing Operations decreased by €0.1bn (minus 0.0%, Δ 1 Week) to a total of €341bn
  • Largest decrease in 62 weeks (in €)

What are we looking at?

(Targeted) Long-Term Refinancing Operations (LTROs) are assets in a central bank’s balance sheet. Effectively they are loans granted by the ECB, which banks use to refinance their (lending) business. The charts on this page cover volume development and growth of Long-Term Refinancing Operations. The data is updated on a weekly basis.

Why are we looking at it?

Central banks currently offer very, very attractive funding rates to banks via LTROs with interest substantially below market rates to encourage lending. Interest rates can be as low as minus 1%. The development of LTROs is therefore an important indicator of central bank engagement in the bank lending channel as well as a major driver of bank profitability.

Last ECB data per 26.02.2021 and last Bundesbank data per 26.02.2021.