E se lo dice lui, buona miciata a tutti
Poi ho cominciato a leggere questo.......

wall
https://www.ecb.europa.eu/press/pr/date/2014/html/pr140703_2_Annex.pdf
2 CALCULATION OF BORROWING LIMITS
Counterparties participating in a TLTRO, either individually or as the lead institution of a
TLTRO group, will be subject to borrowing limits.
The borrowing limits (and possible mandatory early repayment – see below) applicable to a
counterparty participating individually in the TLTROs will be calculated on the basis of the
outstanding amounts of loans and net lending to euro area non-financial corporations and
households, excluding loans to households for house purchase, granted by the individual
counterparty (“eligible loans” and “eligible net lending”).1 The borrowing limits (and possible
mandatory early repayment) applicable to the lead institution of a TLTRO group will be
calculated on the basis of the outstanding amounts of eligible loans and eligible net lending
granted by all members of the TLTRO group in aggregate.
Let Ck ≥ 0 be the borrowing of a counterparty2 in TLTRO k (with k =1,...,8 ). The initial
borrowing allowance for this counterparty (IA) is:
IA = 0.07 ⋅OL Here, OL is the amount outstanding on 30 April 2014 of eligible loans granted by the
counterparty. In the first two TLTROs, the following constraint has to be respected:
C1 + C2 ≤ IA
This means that total borrowing in the first two TLTROs cannot exceed the amount of the initial
allowance.
Let NLm be the eligible net lending of a counterparty in calendar month m . Let
( ) 2013 2013 2014 ... 12
1 NL = NLMay + NLJune + + NLApril
be the average net lending of this counterparty from May 2013 to April 2014.
Denote by BEk a counterparty’s benchmark for TLTRO k (with k = 3,...,8, i.e. the TLTROs
to be conducted between March 2015 and June 2016).
..............................
3 CALCULATION OF THE MANDATORY EARLY
REPAYMENTS
Counterparties that have borrowed in the TLTROs but whose eligible net lending in the period
from 1 May 2014 to 30 April 2016 is below the benchmark will be required to pay back their
borrowings in September 2016.
The mandatory early repayment in September 2016 of a counterparty is:
8 8
8
k 1
k MR = ∑C , if BE > CNL =
This means that if the total eligible net lending granted by the counterparty in the period from 1
May 2014 to 30 April 2016 is lower than the benchmark for the allotment reference month of
April 2016, then the full amount of borrowings in all TLTROs must be repaid in September
2016.
If BE8 ≤ CNL8 but 8
8
j 3
∑Cj > AA =
, then in September 2016 the counterparty has to repay
8
8
j 3
j (∑C ) − AA =
from the last six TLTROs. In other words, if a counterparty’s total borrowings in
the TLTROs conducted from March 2015 to June 2016 (∑=
8
j 3
Cj ) exceed the basis for the
Ridatemi la Boschi e e Siffredi......percaritaddiddio.......




