In other words, it may well matter for banks whether the actual opportunity cost for issuing a short-term loan is –70 basis points, the year-to-date average of the yield of a three-month German Treasury bill, or –33 basis points, the current rate of the three-month EURIBOR.
This important consideration has played a key role throughout the different stages of the project. At the ECB, we take particular pride in the fact that our efforts will enable this remarkable building – designed by the architect Martin Elsässer – to be preserved.