IDEAS home Printed from https://ideas.repec.org/a/cbi/qtbart/y2013m07p84-101.html
   My bibliography  Save this article

Analysis of Recent Monetary Operations & Financial Market Developments

Author

Listed:
  • McCabe, Eoin

    (Central Bank of Ireland)

  • Hayes, Donal

    (Central Bank of Ireland)

Abstract

As the financial crisis continued in 2012, developments in peripheral Europe and the ECB’s monetary policy continued to be closely watched by market participants as many banks remained heavily reliant on central bank funding and the level of ECB borrowing increased to record highs. In this article, we review 2012 and the first five months of 2013, examining the main changes to the ECB’s operational framework and the evolution of Eurosystem lending, particularly the allotment and subsequent Early Repayment Operations (EROs) related to the two 3-year Longer Term Refinancing Operations (LTROs). The article studies the use of the ECB’s standing facilities, while it also reports on the improvement in money markets over the review period. Finally, we also examine the Irish sovereign’s return to debt markets before briefly analysing changes in TARGET2 balances over 2012.

Suggested Citation

  • McCabe, Eoin & Hayes, Donal, 2013. "Analysis of Recent Monetary Operations & Financial Market Developments," Quarterly Bulletin Articles, Central Bank of Ireland, pages 84-101, July.
    • Handle: RePEc:cbi:qtbart:y:2013:m:07:p:84-101
    as

    Download full text from publisher

    File URL: https://centralbank.ie/docs/default-source/publications/quarterly-bulletins/qb-archive/2013/qb3-2013.pdf?sfvrsn=6#page=86
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cbi:qtbart:y:2013:m:07:p:84-101. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Fiona Farrelly (email available below). General contact details of provider: https://edirc.repec.org/data/cbigvie.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.