Indeed, a large number of banks – ranging from 52 to more than 90 – have participated in each of the 11 auctions held thus far. The TAF has also simplified the implementation of monetary policy by providing greater predictability of the level of borrowings by depository institutions and consequently of bank reserves.
Frank Elderson: Forests and finance Panel contribution by Mr Frank Elderson, Member of the Executive Board of the European Central Bank, at COP26 World Leaders’ Summit Presidency Event on “Action on Forest and Land Use”, Frankfurt am Main, 2 November 2021.