Ecb Tiering April 19

MONETARY AFFAIRS

ECB Is Mulling Reserve Tiering, But It Has Not Made Up Its Mind Yet

By Brunello Rosa

8 April 2019

In this paper we discuss:

• the implications of new TLTROs on bank profitability;
• the debate within the GC over reserve tiering;
• various international examples of reserve tiering;
• the pros and cons of the various reserve tiering solutions and communication challenges; and
• the market implications of all the above.

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