The market for a key funding instrument for banks in Europe has shrunk, highlighting how reliant financial institutions in the region have become on European Central Bank support.
欧洲银行一个关键的融资工具市场出现萎缩,突显了这个地区金融机构对欧洲央行(ECB)支持的依赖程度。
The market for European repurchase – repo – transactions contracted by an estimated 14.2 per cent year-on-year in the six months to June 30, based on constant samples over the period.
在截至6月30日的6个月中,根据这一期间的恒定样本估算,欧洲回购交易市场同比萎缩14.2%。
The total value of outstanding repo contracts – in which banks pledge their securities as collateral for short-term loans from money market funds or other investors – stood at €5.6bn in June, according to the latest twice yearly snapshot of the market by the European Repo Council of the International Capital Market Association. Richard Comotto, senior visiting fellow at the ICMA centre at Reading University, said that while repo markets were vulnerable to swings, the most recent contraction highlighted how dependent banks in the region had become on ECB funding.
国际资本市场协会(ICMA)欧洲回购委员会(European Repo Council)最近公布的半年度市场简报显示,6月份未偿付回购合约的总价值为56亿欧元。在回购合约中,银行用有价证券作抵押,从货币市场基金或者其他投资者那里借入短期贷款。雷丁大学(Reading Univercity)ICMA中心高级访问学者理查德·科莫托(Richard Comotto)表示,尽管回购市场本身非常容易波动,但最近的收缩突显了欧洲地区的银行对欧洲央行资金的严重依赖程度。
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