Rosalia SánchezSEGUIRCorresponsal in Berlin Updated: Save Send news by mail electrónicoTu name *

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Never before has an operation of refinancing of the ECB had been so busy, so that gives you an idea of the crisis that we face. The issuer european has won this Thursday a record-breaking 1,308 billion euros a total of 742 entities. The last auction TLTRO-III offered conditions compelling as never before, since the banks will be able to get to charge up to 1% by borrow for a term of three years. Only the Spanish banks asked to 180,000 million. The bulk of the new liquidity, experts say, is going to stop at French and German banks. The previous record, which dates from march 2012 , in the middle of a crisis of debt, was 529.000 million euros, approximately a third of what placed yesterday.

The economist German and a member of the Executive board of the ECB, Isabel Schnabel, has bring to light that to auction “has exceeded the expectations of the market , and will represent an addition to net 548.500 million euros of liquidity”, as it is expected that banks will employ approximately 765.000 million euros of this money to the repayment of other loans of the ECB. “The TLTRO offer a types highly attractive (-100 basis points) the banks that maintain their loan volumes, and are crucial to support lending to the real economy”, has justified the operation.

Never before had depended on both the economies of the euro zone of the ECB, accumulates in your balance close to 400,000 million euros between the purchase programs earlier and that has been launched by the crisis of the coronavirus. To the letters, bonds and Treasury obligations equivalent to more than 20% of the Spanish GDP purchased by the ECB in previous plans there are to add to the gigantic program increased at the beginning of June at 600,000 million and has yet to spend about 150,000 million to buy Spanish debt for their support in the markets. Lagarde has not posted by now, but the European Commission starts to throw messages in that sense.

In regard to the debt of the private banks Spanish with the ECB, as has grown on 5,08% in the past month of may , standing in the 176.042 million euros prior to the auction. After six consecutive months downward, the Spanish banks broke that streak in march, already in the paralysis caused by the confinement, and accumulate three months already raising its appeal to the European Central Bank.

To secure the system, the ECB relies on a portfolio comprising gold, u.s. dollars, renminbis chinese and special drawing rights on the euro. Only in April, rose by 15.6%, their holdings of gold and foreign currency from march and 23% compared to February. The stud reaches the 945.270 million euros. In this same line, the Bank of Spain, has increased by 7.4% in April compared with march their foreign reserves and a 12.6% over February, reaching a value of 74.333 million euros, also at record levels.