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Credit conditions in EZ easing - BBH

FXStreet (Guatemala) - Win Thin, Global Head of Emerging Market Currency Strategy at Brown Brothers Harriman notes that the second phase of the TLTROs begins in March 2015.

Key Quotes:

" The borrowings then are predicated on the expansion of the banks' loan books against a pre-defined benchmark."

"Current lending will shape that benchmark. The money supply and credit data the ECB will report on September 25 will be closely studied."

"The ECB's data suggests that credit conditions are easing, and demand is improving for some types of loans. Money supply growth bottomed in April and has quickened consistently since. The pace is expected to have ticked up to 1.9% year-over-year in August, which would be the fastest pace since last September."

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