Spain Lends Out €60 Billion Cash Pile in Bid for Higher Returns [BNN Bloomberg (Canada)]
COMMERZBANK JUNGE ADR NEW (CRZBY)
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Source: BNN Bloomberg
The nation's Treasury will offer funds currently parked with the local central bank in exchange for government securities as collateral. It now earns interest 20 basis points below the European Central Bank's overnight rate and by lending out the cash it aims to generate a higher return than the so-called ESTR. The move capitalizes on increased demand for cash amid a flood of high-quality bonds in the market, thanks to big German debt offerings and the ECB's sales of pandemic-era bond holdings. That ended years of collateral shortages that spooked authorities and raised concerns about the health of Europe's money markets. “Liquidity auctions allow the Treasury to place its surpluses on the market to make them profitable,” the Spanish Treasury said in written comments to Bloomberg News. The incentive to lend out cash has been particularly pronounced in Germany, after its central bank stopped paying interest on domestic government deposits in October. Spain's cash holdings stoo
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