LTRO

Banks are under pressure to reduce the amount of LTRO cash on their balance sheets .

各银行目前承受着减少资产负债表上LTRO资金数额的压力。

The LTRO has reduced the reliance by some banks on funding from the repo market .

长期再融资操作已经降低了一些银行对回购市场资金的依赖度。

We expect many will use the three-year LTRO in case [ public ] funding markets were to remain closed for 2012 .

我们预计许多银行都将使用3年期LTRO，以防公共融资市场的大门在2012年继续关闭。

With the three-year LTRO , the ECB has helped to reduce systemic risk and avoided a credit crunch .

通过开展三年期LTRO，欧洲央行帮助降低了系统性风险，并避免了一场信贷紧缩。

The figures support forecasts from banking analysts that suggested the use of the ltro had been a significant factor behind a government bond rally .

这些数据支持了银行业分析师的预测，他们认为利用长期再融资操作是政府债券价格上涨背后的一个重要因素。

The LTRO enabled Spanish and Italian banks to engage in very profitable and low-risk arbitrage in their own countries ' bonds .

长期再融资操作使西班牙和意大利的银行能够利用本国债券开展高利润、低风险的套利交易。

But there is a catch : even if the ECB does another ltro , this will only work if the banks have decent collateral to swap for funds .

但这里有个问题：即便欧洲央行再来一次ltro，也只有在银行能够提供像样担保品来换取资金的情况下才能奏效。

As he says , the LTRO ( which unfolded in two phases in December 2011 and February 2012 ) removed the possibility of a banking crisis caused by a lack of funding .

正如他所言，该计划消除了融资匮乏引发银行业危机的可能性（LTRO于2011年12月和2012年2月分两轮推出）。