The debt of Spanish banks to the European Central Bank (ECB) reflects the institutions’ gross attractiveness to the issuing institution through regular financing operations. 192,970 million euros In December, 29.4% less than November data, which represents a decrease of 80,698 million euros in absolute terms, according to Eurosystem financing data released this Friday by the Bank of Spain.
Thus, the debts of Spanish banks to the central bank have been at a minimum level since May 2020. 176,040 million euros. At that time, the Covid-19 pandemic increased calls from the financial sector to mitigate the impact of the disease and related restrictions on the country’s economy.
on an annual basisThe decrease in the debt of Spanish banks to the European Central Bank was 33.3 percent, which means a decrease of 96,591 million euros.
The cut comes in the context of the normalization of monetary policies, which has led the ECB to raise interest rates and provide early amortization of the liquidity it provided to banks through its auction program during the Covid-19 crisis. TLTRO-III, among other measures.
Regarding the Eurosystem’s great appeal to the ECB as a whole, decreased by 19.4% In December it reached 1,640 billion euros. This figure is 25.6% lower than the previous year.
Thus, the objection made by banks residing in Spain to the issuing institution represents 11.7% of the total number of banks. European systemCompared to 13.4% in November, but above 13.10% recorded in November 2021.
asset purchase
On the other hand, total volume of assets Within the framework of the different asset purchase programs implemented by the ECB since 2009, those purchased in Spain reached 624,428 million euros in December.
In the Eurosystem as a whole, the total amount asset purchases A total of 4.96 trillion euros was realized in the last month of 2022, which means an increase of 0.02% per month and 5.10% per year.
According to data from the Bank of Spain, total volume of asset purchases It represents 12.62 % of the total, corresponding to the Eurosystem’s consolidated balance sheet in Spain, compared to 12.60% in November and 12.58% a year ago.
Benefits of an increase in interest rates
The Bank of Spain also draws attention to the significant restructuring in positions. excess liquidity To take advantage of the interest rate hike implemented by the ECB, it was observed in September 2022 in favor of the balances of deposits from reserve accounts. Currently the reference rate for deposit is 2%.
Between September and October, the number of Spanish banks in permanent loans increased. 370,865 million euros, It was down to 297,060 million euros in December, although it was reduced to 353,914 million euros in November.