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Thursday, September 18

18th Sep - ECB's TLTRO gets little interest

Previously on MoreLiver’s:
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SNB Threatens Further Measures as Franc Poses Deflation RiskBB
The Swiss National Bank threatened to step up its defense of the franc “immediately” if needed as it noted an increased danger of deflation.

CHF: SNB to defend the floor “with utmost determination”Nordea

No, Scotland! No: Ambrose Evans-Pritchard – TradingFloor
If Scotland Splits, What Happens to the Gold? – WSJ
'No' votes cling to slight lead in Scotland's referendum – Reuters
Just how oil rich is Scotland? – WaPo

ECB to dish out first round new ultra-long loans to boost lending – Reuters
Press release ECB allots €82.6 billion in first TLTRO – ECB
Un petit TLTRO – FT
Low interest in cheap ECB money points to QE – TradingFloor
Greek banks hardest hit as market gives thumbs down to TLTRO – TradingFloor
ECB's First TLTRO A "Failure", Banks Take Less Than Worst Case Expectation – ZH
ECB hands out cheap credit to banks to boost economy – Reuters
The TLTRO Disappoints. What’s Next, ECB? – The Short Answer – WSJ
ECB’s TLTRO Program – Here’s What The Market Thinks – WSJ
ECB’s Lending Spree Short of Expectations – FT
Draghi Loan Plan Missing Estimates Hampers ECB Stimulus – BB

First TLTRO: Considerably less than it takes – Nordea

Press release first list of governors subject to voting rotation – ECB
ECB Announces New Voting Rotation – WSJ
ECB outlines new plan that will give more voting power to bigger states – Reuters

Ireland: GDP to increase 5% in 2014 – deficit will drop to 3.5% - Danske Bank

Greece Is Giving The European Union ‘The Finger’ – And Europe Can’t ReactZH
The Prime Minister has announced a plan whereby the corporate tax rate would be gradually reduced from the current 26% to just 16%, and that the top tax bracket would see a substantial reduction in personal income tax. Samaras clearly said the wants to reduce the highest personal income tax rate from 42% to 32%. Additionally, a certain property tax would also be reduced.

Italy’s Growing Debt Looms Over European, and Global, Economies – WSJ
Italy: IMF Executive Board Concludes Article IV Consultation – IMF
Labor, Judiciary, Tax Reforms Can Help Boost Italy's Economy – IMF
Italy: Selected Issues Paper – IMF
Italy: 2014 Article IV Consultation—Staff Report – IMF

When and How To Exit Quantitative Easing?FED
Three aspects of the Federal Reserve’s exit strategy are important in achieving (or maintaining) maximum gains (if any) in aggregate output and employment under QE: (i) the timing of the exit, (ii) the pace of the exit, and (iii) the private sector’s expectations of when and how the Fed will exit.

Still patient, but for how long?The Economist
For those watching the Federal Reserve's meeting which ended today, no news was good news.

Goldman's Q&A On What Yellen Really Said (Or Didn't)ZH

Housing Starts decrease to 956 Thousand Annual Rate in August – Calculated Risk
Housing Starts, Permits Tumble Driven By Collapse In Multi-Family Units – ZH
A few comments on August Housing Starts – Calculated Risk

China - Decline in house prices intensified in August – Danske Bank
Is some light emerging amid China’s property gloom? – FT
Slowly, very slowly, getting China’s house in order? – FT
China's left-field approach won't wash – TradingFloor
China's house prices fall further, economic gloom deepens – Reuters

Daily Central Banks WSJ
Hilsenrath’s Take: Fed Moves Slowly, Rate Path Uncertain and Other Meeting Thoughts * Fed Plots Cautious Course on Rate Hikes * U.S. Inflation Gauge Falls for First Time Since 2013 * House Passes Bill Giving Fed More Flexibility in Regulating Insurers * ECB First Four-Year Loan Uptake Disappoints

Daily MacroWSJ
Asian and European markets took comfort from the slightly more dovish tilt to the latest Federal Reserve policy meeting than some had been expecting. Fed Chair Janet Yellen’s emphasis on the fact that rates would stay low “for a considerable time” after the latest bond purchase program winds down next month soothed fears that the Fed will seek to tighten soon after the turn of the year. On the other side of the Atlantic, the European Central Bank announced a rather disappointing take-up of its latest cheap funding measures for banks, designed to get them lending to small businesses and households starved of credit. And the U.K. is in the throes of the Scottish independence referendum. The likely outcome remains tilted toward a “No” but it’s an increasingly close call. Meanwhile, the Chinese housing market’s weakness highlights why the country’s central bank made a major liquidity infusion into state banks this week.

Scotland, Federal Reserve, ECB and More Marc to Market

Forget the FOMC – bigger event risks are aheadTradingFloor
The FOMC meeting provided some ammunition for the USD bulls, US data will quickly swing back into focus. Now we’ve got plenty more on our plate, with SNB, Norges Bank, ECB and a Scottish Independence referendum on our hands.

As growth stalls, G20 seeks closure on regulationsReuters
G20 host Australia is leading a push to draw a line under the global financial crisis, urging the group of top economies to swiftly finalize regulations aimed at preventing a repeat of the crash and focus on measures to revive sputtering global growth.

More Thoughts about the Fed and ECBMarc to Market

EMEA Weekly: Week 39Danske Bank

Venäjä-pakotteet ovat suuri riskiTalSa
Venäjään kohdistetut talouspakotteet voivat johtaa arvaamattomiin seurauksiin – jotka ovat erilaisia kuin toivomme.

"Ei myönnetä, että Suomi on saanut pahasti siipeensä"TalSa
Palkansaajien tutkimuslaitoksen mukaan Venäjä-pakotteet haittaavat Suomen taloutta enemmän kuin virallisesti on annettu ymmärtää. Laitoksen ekonomistien mielestä tilanne pitäisi myöntää, jotta EU-komissio ei tulkitse Suomen talousongelmia rakenteellisiksi.

Suomen talous on pankkibarometrin mukaan lamaantumassaPiksu

Saattohoitohallituksesta hätätilahallitukseenSampo Terho
Nykyisen hallituksen suurin palvelus isänmaalle olisi eroaminen, mutta paradoksaalista kyllä, hallitus taitaa olla liian toimintakyvytön edes siihen.

Soini: Euroalueella ei kasva kohta enää kuin rikkaruohoPS

KGB:n ohjekirjeet: näin Suomen politiikkaa ohjailtiinVerkkouutiset
Arkistolöytö Neuvostoliiton 1982 ohjekirjeistä vahvistaa tietoja siitä, keitä KGB Suomessa tuki ja kenet piti sivuuttaa.

Neuvostoliiton ohjekirjeet Helsingistä 1982 - "heikennetään oikeistoa"Verkkouutiset
Julkaisemme tässä kokonaisina KGB-arkistonhoitaja Vasili Mitrohinin arkiston kaksi KGB-muistiota Suomesta.

KGB-arkisto kertoo myös suomalaiskoulutuksesta salaviestintäänVerkkouutiset
Julkaisemamme Mitrohinin listan 40 suomalaisesta kontaktista KGB luokitteli agenteiksi ainakin 17 henkilöä.