European bank sector:
back in the doldrums

György Pálfi
senior equity portfolio manager

Although the European Central Bank says we just need to give it some more time, the market is
increasingly sceptical about the impacts of the LTRO (Long-Term Refinancing Operation), the ECB’s
three-year credit program. While in the first quarter it seemed as if the ECB’s miracle cure could bring
about a solution to the European bank sector’s problems, the market respite has proved to be temporary.

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