Eur - Danske Analyse - Danske Bank
Eur - Danske Analyse - Danske Bank
Eur - Danske Analyse - Danske Bank
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Backing out excess liquidity from EONIA forward curve0.70%0.60%0.50%0.40%0.30%0.20%0.10%EONIA forward curve0.00%Feb 13 Aug 13 Feb 14 Aug 14 Feb 15ECB dates EONIA, current 01/02/13 10/01/13800700600500400300200100Implied excess liquidityEUR bn %Model implied excess liquidityEonia forward on ECB dates0.75%0.65%0.55%0.45%0.35%0.25%0.15%0.05%0-0.05%Feb 13 Aug 13 Feb 14 Aug 14 Feb 15EONIA forward curve less steep after 4 th repayment.Excess liquidity implied to decline to around EUR100bnby end-13. Only a gradual rise to 0.50% by end-14Source: <strong>Danske</strong> <strong>Bank</strong> Marketswww.danskeresearch.com8
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