Such an outcome becomes a near certainty given the significant interest rate differential that exists between the yields on Central Bank securities, currently around 8.0 per cent, and placements in US dollars which stand at around 3.0 per cent.
With respect to the TLTROs, we eliminated the 10 basis point spread over the key policy rates entailed in the initial pricing of the operations. The interest rate in each operation will now be set at the level of the average rate applied in the main refinancing operations over the life of the respective TLTRO.