March 27, 2019 / 9:35 AM / 8 months ago

ECB's bank loan terms will be flexible: Praet

FILE PHOTO: European Central Bank (ECB) executive board member Peter Praet speaks during an interview with Reuters in Frankfurt, Germany, March 14, 2018. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - The European Central Bank’s new bank lending facility can be recalibrated at any point to reflect developments in bank lending, ECB chief economist Peter Praet said on Wednesday.

Conditions for the previous facility, called targeted longer-term refinancing operations or TLTRO, were set before the first tender but Praet’s comments suggest that the ECB aims for greater flexibility in the new operation, due to start in September.

“TLTROs are a flexible tool with a number of parameters which can be calibrated to meet the needs of monetary policy at a given point in time,” Praet said.

Reporting by Francesco Canepa and Balazs Koranyi

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