[ForexNews]

The ECB delivered a string of decisions in today's "cross-road" meeting; the sum of it all was pretty close to the expectations. But most importantly, they did not close the door on further actions.

Hence, while you can always wish for more, this was a robust set of decisions by the ECB, and a message of some degree of comfort during the press conference.

In summary:

1. The ECB cut the repo rate by 25 bp to 1.0%, thereby narrowing the corridor to 75 bp on each side. They left the deposit rate unchanged at 0.25% and cut the marginal lending rate by 50 to 1.75%. Importantly, while Trichet said that this new rate level is consistent (in their view) with medium term price stability, he also said that they have not decided that any of the three new rates is now at their floor.

2. They introduce 12 months maturities in addition to the existing repos. The operations will be conducted as fixed rate tender procedures with full allotment. The rate for the first of these operations, to be announced on 23 June 2009, will be the rate on the main refinancing operations at that time. Subsequently, the fixed rate may include a premium to the rate on the main refinancing operations, depending on the circumstances at the time.

3. The ECB announced a program to buy approximately EUR 60 bn of euro-denominated covered bonds issued in the euro area. The detailed modalities will be announced after the June GC meeting (June 4). The objective is to kick-start a market that has not worked properly for a while, and - Trichet said - it is not intended to inject additional liquidity into the economy per se. Hence, he refused to say whether the purchases will be sterilized or not, but it sounded - unfortunately -as if the plan is to sterilize. Hence, he said explicitly that this is not quantitative easing, but how they would mop up the liquidity in this environment, I don’t know. (Maybe it’ll be a medium term objective!) Again, and importantly, when asked whether this means that the door has been closed on a broader asset purchase program, should the need arise in the future, Trichet clearly indicated that no such decision has been made. The indicated amount (EUR 60 bn), sterilized or not, is a very modest amount for the overall economy, but it is significant within the space of covered bonds. In terms of flows, last year saw EUR 84 bn in issuance. While the liquidity is still poor in the market, this should be hugely positive for spreads.

4. They decided that the European Investment Bank will become an eligible counterparty in the Eurosystem’s monetary policy operations with effect from July 8 and under the same conditions as any other counterparty. This is, in somes' view, a clever move to help support small and medium sized enterprises many of which have limited access to the financial market during this crisis. In a nutshell, the ECB makes it possible to use the EIB distribution channel with its own funds; something they have been trying (pretty fruitlessly) to do via the normal banking system. The EIB provides loans, guarantees and venture capital. For loans, they’ll finance up to 50% of a project. In other words, while helpful, this channel will remain very small compared with the overall commercial banking system.

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