{"id":22633,"date":"2025-06-20T11:08:41","date_gmt":"2025-06-20T10:08:41","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=22633"},"modified":"2025-06-20T11:08:41","modified_gmt":"2025-06-20T10:08:41","slug":"quantitative-easing-commercial-banks-take-over-from-the-ecb-2","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb-2\/","title":{"rendered":"Quantitative Easing:  Commercial banks take over from the ECB"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>To invest their excess liquidity (customer deposits) and maintain their Net Interest Income (NII), commercial banks in the Eurozone have significantly increased their bond purchases in financial markets since 2021.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22630\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/06\/Capture-decran-2025-06-20-120549.png\" alt=\"\" width=\"864\" height=\"358\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/06\/Capture-decran-2025-06-20-120549.png 864w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/06\/Capture-decran-2025-06-20-120549-300x124.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/06\/Capture-decran-2025-06-20-120549-768x318.png 768w\" sizes=\"auto, (max-width: 864px) 100vw, 864px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>It&#8217;s interesting to note that while commercial banks&#8217; bond purchases have increased, the ECB&#8217;s asset purchases have gradually come to a halt at the same time.<\/p>\n<p>Starting in 2015, the ECB launched several asset purchase programs (mainly Sovereign debt), with the most recent being the PEPP initiated during the COVID-19 crisis. In 2021, the ECB&#8217;s purchases still amounted to nearly \u20ac100 billion per month. In 2022, the ECB started to phase out its net asset purchases, although it continued to reinvest the amounts repaid. Since January 1, 2025, the ECB has ceased all interventions and is now allowing the bonds to mature without reinvestment.<\/p>\n<p>This marks a shift from a long period of Quantitative Easing (purchasing securities in the markets) to a phase of Quantitative Tightening (reducing the size of its balance sheet).<\/p>\n<p>Consequently, commercial banks&#8217; investments absorb a significant portion of the bonds available in the markets. Since early 2025, the amounts invested by commercial banks have even surpassed the \u20ac100 billion net per month threshold, mirroring the most active periods of the ECB&#8217;s quantitative easing.<\/p>\n<p>***<\/p>\n<p>Written on 20 june 2025. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/ireland-a-source-of-economic-volatility-for-the-eurozone\/\">Ireland, a source of economic volatility for the Eurozone<\/a><\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the Week To invest their excess liquidity (customer deposits) and maintain their Net Interest Income (NII), commercial banks&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":22626,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2629,2621],"class_list":["post-22633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-bond-en","tag-europ"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Quantitative Easing: Commercial banks take over from the ECB<\/title>\n<meta name=\"description\" content=\"Since 2018, European small caps have significantly underperformed large caps. 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