Yintoni i-LTRO okanye i-Long-term Refinancing Operation

Ukujonga kwi-LTRO yeYurophu kwaye kusetyenziswa

Icandelo lezezimali liyaziwa ngokuba ngama-acronyms, ukusuka kwi-CPA ukuya ku-CDS, kwaye imimiselo emitsha ibonakala ivela kumashishini amasha okanye ubunzima. Ngethuba leengxaki zeentyala zeYurophu, i-LTRO iqulunqwa ukuba ibonise "imisebenzi yokuhlaziya ixesha elide", eyayisetyenziswe yi- European Central Bank (ECB) ukuboleka imali ngexabiso eliphantsi kakhulu kwiibhanki zendawo ye-euro.

Indlela i-LTRO isebenza ngayo ukuxhasa ukuKhula

I-LTRO inikezela nge-injection yexabiso lentlawulo ephantsi kwiibhanki zendawo ye-euro kunye netyala elizimeleyo njengento yokubambisa ngemali mboleko.

Iimali-mboleko zinikezelwa rhoqo ngenyanga kwaye zihlawulwa ngeenyanga ezintathu, inyanga ezintandathu okanye omnye unyaka. Kwezinye iimeko, i-ECB isebenzise ii-LTRO zangexesha elide, njenge-LTRO yeminyaka emithathu ngoDisemba ka-2011, ezithatha ukufumana imfuno ephezulu kakhulu.

I-LTRO zenzelwe ukuba nefuthe lembini:

1. I-Greater Bank Ubutyebi - Ukufikelela kumashishini angancinci kukukhuthaza iibhanki zommandla ye-euro ukunyusa imisebenzi yokubolekisa eyenza umsebenzi wezoqoqosho, kunye nokutyalomali kwiimpahla eziphezulu ezithengayo ukuze kuveliswe inzuzo kwaye kuphuculwe ibhalansi yeengxaki.
2. Amatyala aphantsi koMongameli anelisa - Amazwe ommandla waseYurophu angasebenzisa ityala lawo elizimeleyo njengento yokubambisa, okwandisa imfuno yezibophelelo kunye nokunciphisa isivuno. Ngokomzekelo, iSpain ne-Italy basebenzisa lo buchule ngo-2012 ukunciphisa ityala labo.

Imisebenzi ye-LTRO ngokwayo iqhutywe ngeendlela ezifanelekileyo zokuthengisa. I-ECB inquma inani lokuthengiswa kwempahla elithengiswayo kwaye icela ukubonakaliswa kweemfuno kwiibhanki.

Amanqanaba enzala anqunywe kwixabiso lesantya esicwangcisiweyo okanye ithenda yerhafu eguqukileyo, apho amabhanki atshayisana omnye nomnye ukuba afumane ukuthengwa kwexabiso elikhoyo.

I-LTRO ngexesha leNkqubela yeMatyala yaseYurophu

I-LTRO zaza zaziwa kwiinkqubo zemali zeYurophu ezaqala ngo-2008 kwaye zahlala malunga neminyaka emithathu.

Ngaphambi kokuba i-crisis hit, i-ECB ilona lithenda elide kakhulu linikezwa ngeenyanga ezintathu nje. Ezi i-LTRO zifikelela kwi-euro ezigidi ezingama-45 ezingama-euro ezimele malunga ne-20% ye-ECB ye-liquidity totality provided. Njengoko inkathazo yaguquka, le i-LTRO yahlala ixesha elide kwaye likhulu ngobukhulu.

Ezinye izinto ezibalulekileyo eziye zenzeka ngexesha leengxaki zeengxowa-mali zibandakanya:

• Matshi 2008 - I-ECB inikeza i-LTRO eyongezelelweyo yokuqala kunye nokukhula kweenyanga ezintandathu kunexesha eliphindwe kane libhaliswe ngamabhidi avela kwiibhanki ezili-177.
• NgoJuni 2009 - I-ECB ibhengeza i-LTRO yeenyanga ezili-12 yokuqala ivala kunye nabathengi abangaphezu kwe-1,000 ngokufuna ngokugqithiseleyo kuneLTRO zangaphambili.
• Disemba 2011 - I-ECB izisa i-LTRO yayo yokuqala ngekota emithathu ngonyaka kunye ne-1% yentlawulo yemali kunye nokusetyenziswa kweefowenuli zeebhanki njengobuncwane.
• NgoFebruwari 2012 - I-ECB ibambe idilesi yesibini yeenyanga ezingama-36, ezaziwa ngokuba yi-LTRO2, enika amabhanki e-euro e-euro nge-529.5 i-euro ezi-mboleko eziphantsi.

Ukususela kwiiprogram, ibhanki ivakalise oko kuthiwa yi-Targeted Long-term Refinancing Operations-okanye i-LTLRO kunye ne-LTLRO II-ukuqhubela phambili ukukhulisa umbane. Le mi sebenzi emitsha iqhutyelwa ngo-Matshi ka-2017 ngekota nganye ukwenzela ukuba unxweme uhlalutye kwaye uqhubeke nokuxhasa ukukhula kuze kube yilapho ukunyuka kwamaxabiso kufinyelela kumanqanaba afanelekileyo.

Eminye i-LTRO yoTywala

Amanyathelo amancinci athatyathwa yi-ECB abizwa ngokuba yimpumelelo yokucoca (MROs). Le mi sebenzi iqhutyelwa ngendlela efanayo ne-LTRO, kodwa ikhula ngeveki enye. Le mi sebenzi ifana nezo ziqhutywe yi- US Federal Reserve ukunikezela ngemali-mboleko yesikhashana kwiibhanki zase-US ngeli xesha elinzima ukukhawulela umbane.

Amazwe asekuhlaleni kweeYuro angakwazi ukufikelela ekuthengisweni kwempahla kwiinkqubo zoNcedo oluPhezulu lweMali (ELA). Ezi ndlela "zetyala-zokugqibela-zixhobo" zenzelwe ukuba zibe yimilinganiselo yesikhashana eyenzelwe ukunceda amabhanki ngexesha leengxaki. Amazwe ahlukeneyo anokukwazi ukuqhuba le misebenzi ngokukhetha ukhetho lwe-ECB, nangona aluqhelekanga kunezinye izinto.

Oko kuthetha ukuba abatshali-mali

I-LTRO ingaba nefuthe elikhulu kumarhwebo kuye kuxhomekeke kubude babo nobukhulu babo.

Amaxesha amaninzi, iimarike ziya kuthatha isigidimi ngokuqinisekileyo xa kusenziwa amanyathelo amakhulu angalindelekanga ukususela ekubeni ukuhamba kuthatha ukwandisa utywala kunye nokukhuthaza inkqubo yezemali.

Nangona i-short-term gains, igalelo lexesha elide kule mi sebenzi lifanelekile kwaye liqiniseke, oko kuthetha ukuba igalelo lexesha elide kubatyalomali liyahluka.