But the conclusion of the second and last LTRO may have been the main trigger.
The first LTRO worked in averting a Lehman-like credit crunch by giving European institutions access to short-term liquidity.
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The central bank is will likely highlight the developments in its Long-Term Refinancing Option (LTRO) early repayment schedule.
The second installment of the LTRO took place in February, 2012, and the market effect was decidedly positive.
From this vantage point, loss adjusted yields look very attractive and the LTRO has taken away any significant selling pressures.
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It is now unclear if the European Central Bank will roll out another round of its long-term refinancing operation (LTRO).
Last week, Barclays said that it expected Central Banker Mario Draghi to hit to further easing through LTRO last week.
But do you think that any bank that has taken LTRO cash should be paying dividends to shareholders or bonuses to executives?
To fill their funding holes from fleeing deposits much of this borrowing has come from the Long Term Refinancing Operation or LTRO.
After the first round of LTRO Soros said the deal would only last a short time, f rom one day to three months.
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For now, then, LTRO is on hold in hopes that fiscal policy makers at the legislative level can lead rather than the Central Bankers.
"The prospect of another LTRO coming through should support risk sentiment in general and therefore emerging markets should benefit as well, " Ms. Dvorak said.
Following the conclusion of this program in late summer 2011, the ECB embarked on the first of its Long-Term Refinancing Operations (LTRO) in December, 2011.
Yet the case for another LTRO is less compelling than before.
The European Central Bank is not expected to lower interest rates this week, but is expected to make overtures to the long-term refinancing operation, or LTRO.
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Both rounds of the loans - dubbed long-term refinancing operations (LTRO) - included provisions to allow paying them off early, beginning at the end of this month.
Key monetary policy operations, such as the LTRO, are working directly through their effects on the banking system and are providing support to large numbers of weak banks.
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And by encouraging Italian or Spanish banks to buy their governments' bonds, LTRO reinforces the close links between the peripheral economies' sovereign debt and the health of their banks.
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The exception is the ECB's Long Term Refinancing Operation (LTRO), which provides banks with three-year liquidity at its main interest rate, currently 1%, against a wide array of collateral.
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And since the ECB started its long-term refinancing operation (LTRO) programme last November, they have been getting quite a lot of longer term funding from that source as well.
Last time around, LTRO sparked a risk rally that took U.S. equities on a joy ride, with major Wall Street names like Bank of America, JPMorgan Chase, and Citigroup rallying.
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In our view this is particularly pertinent given the mechanics of the LTRO, which effectively leaves the equity tranche of pledged collateral on bank balance sheets limiting their ability to rebalance portfolios.
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The momentum looks likely to continue, particularly because the ECB will conduct a second offering of three-year loans to banks, known as a long-term refinancing operation, or LTRO, at the end of February.
Most of them are hugely dependent on borrowing from the European Central Bank and are profoundly grateful for the trillion euros of three-year rescue loans they have taken from the ECB in its LTRO.
Analysts at Nomura and Barclays agree the LTRO programs have been effective in the short-term, but warn that markets have deceived themselves into believing they are the solution to the current sovereign debt crisis.
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Since so many small banks have now tapped LTRO, hopes are rising that as well as slowing the pace of bank deleveraging and propping up sovereign-bond markets, the liquidity may encourage new lending to the real economy.
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The first, which you will know about, has been the massive emergency bailout of banks by the European Central Bank, with the trillion euros of cheap three-year loans it has provided to them in the so-called LTRO.
The LTRO can be seen, and is seen by bankers, as a hidden injection of capital into the banks by eurozone taxpayers - because the banks borrow the three-year money at 1% and can re-lend it for considerably more.
We think many traditional euro area banks see the LTRO as a repo and partial covered bond replacement, but with limited scope for loan growth, with the backdrop of deleveraging the amount used for increasing balance sheets likely to be limited.
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"It's much more expensive now to refinance debt than it was a couple of months ago, " said Alberto Gallo, head of European macro credit research at Royal Bank of Scotland, pointing out that the LTRO helped banks meet much of their funding requirements for 2012, limiting their need to sell bonds.
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