欧洲央行-数字欧元对金融稳定影响的技术数据（英）

Technical data on the financial stability impact of the digital euro The European Central Bank received a formal request from co-legislators for technical data on the potential financial stability effects of alternative digital euro holding limits. It was specified that the information should encompass a range of hypothetical holding limits – up to €3,000 per individual – and aimed to quantify the potential impacts of each limit. The co-legislators requested that the analysis focus on certain key areas, including changes in bank deposits (absolute change in sight deposits), core liquidity metrics (liquidity coverage ratio and net stable funding ratio), banking profitability indicators (return on equity and return on assets), and lending dynamics (loan book growth and loan-to-deposit ratio). In response, the ECB has produced this technical analysis estimating the extent of these impacts across the specified hypothetical limits. The analysis examines changes in the level and composition of deposits, implications for banks’ liquidity metrics, and the potential effects on their profitability indicators and lending dynamics, under the modelling and data frameworks that the ECB has constructed in the course of developing the holding limit methodology. This work builds on the most advanced models available, as well as data collected and refined by the ECB specifically for the development of the methodology, with the objective of responding to the request as fully as possible and delivering complete technical input. Nonetheless, not all the requests (for example, a breakdown of hypothetical holding limits in €250 intervals) could be fully addressed owing to data limitations or because fulfilling certain requests (for example, providing information on market share by asset size in the respective market) could lead to the identification of individual institutions. This document and the numerical results presented should be read solely as a technical response to the specific request from the co-legislators, and not as the outcome of the ECB’s full methodological process nor as the ECB’s position on an appropriate level for holding limits. The estimates outlined in this document are illustrative and reflect an initial and partial application of the methodology currently being developed by the ECB1, rather than an exhaustive 1 For more information about the methodology, including the foundational principles of the models and the description of the survey used in this analysis, see Preliminary methodology for calibrating holding limits and Annex to preliminary methodology for holding limit calibration. Technical data on the financial stability impact of the digital euro 2 assessment. The complete methodology encompasses three pillars2 with additional aspects that extend beyond the scope of this document. Moreover, the hypothetical holding limits assessed in this analysis are based on the co-legislators’ specific requests to test a defined range. Consequen