. We show that ECB communications at the press conference were crucial for the market response and that bank health … some persistence. Other bank characteristics, in particular bank size, leverage and NPL ratios, amplified the impact of … monetary policy shocks on banks. After the OMT announcement, we detect that the response of bank stocks to monetary policy …

during the crisis was significantly higher for firms with a “weak” bank than for comparable firms with a “sound” bank– even …