The take-up in the TLTRO-II, compares with a net 31 billion euros, when Spanish and Italian banks were the biggest participants. The cost of the four-year loans could drop as low as the deposit rate of minus 0.4 percent if the banks expand credit supply, meaning the ECB would be paying financial institutions to take its cash. Source Bloomberg
Interior Minister Matteo Salvini on Saturday dismissed ratings agency Moody’s decision to downgrade Italy’s credit standing because of the government’s controversial budget plans and said the country’s outlook was “stable.” Source The Local
The Italian Ministry of the Interior, Matteo Salvini, announced on Saturday that Italian police officers would be sent to patrol the French border to prevent the French sending migrants over the border, after protesting against an episode on Friday in Clavière, despite being described as routine by France. Source Le Figro
Sanctions are forcing Russia to find alternative settlement currencies to the US dollar to ensure the security of the country’s economy, according to President Vladimir Putin.“We are moving to the de-dollarization of the economy. We are doing so not because we want to undermine the dollar, but because we want to ensure our security. We are constantly facing sanctions, they do not give us the opportunity to work in dollars,” Putin said on Thursday at the Valdai Discussion Club meeting in Sochi. Source RT
