towards a broader market-based financing of financial assets. As a consequence, regulated banks increasingly focus on coping … the financial system, i.e. to shadow banks highly relying on securitization and repos. Unfortunately, economic history has … unilateral inclusion of shadow banks into the regulatory framework, i.e. without access to central bank liquidity, has negative …

combination of a number of factors, such as banks following strict internal credit limits, investment incentives created by yield … liquidity that resulted also determined TARGET2 balances. At the individual bank level, when controlling for banks' capital, non … smaller and better-capitalised banks, and for banking groups with liquidity centralised at the head institution. In addition …

of Emergency Liquidity Assistance (ELA) through the National Central Banks (NCBs). This article examines the legal …