•  Deposits of euro area residents in banks in stressed countries have increased by about 130 billion euro since August 2012. •  TARGET2 balances of the national central banks in these countries have declined by more than 200 billion euro, or about 20% since their peak.
•  And finally, bank’s dependence on central banks liquidity intermediation is waning, to some extent as the early repayment of more than a quarter of the LTROs shows. Looking at the banking sector, the aggregate solvency position of euro area banks has been steadily improving.