the European Central Bank (ECB) have evolved in these three countries since their introduction at the turn of the century …

shock. However, its efficacy is dampened by a reverse bank lending channel that weakens the interest rate channel of QE …

should reduce problems with non-performing loans. The effects of QE on bank profitability are therefore not one directional … their net interest income, but they have also acknowledged its positive impact on capital gains (ECB Bank Lending Survey …). Lending-deposit spreads for new lending have fallen significantly. Looking at actual bank profits, net interest income has …