Using the Eurosystem’s proprietary interbank loan data from June 2008–June 2020, we show that larger European banks have had a lower cost of overnight borrowing than smaller banks. The size premium remains significant after controlling for a large set of other factors but has decreased over time, especially in countries that were stricken by the Sovereign Debt Crisis. A difference-in-differences analysis suggests that the decline in the size premium is related to the actual bail-in events, not to the implementation dates of the Bank Recovery and Resolution Directive as such. This finding is robust to controlling for the effect of the ECB’s long-term refinancing operations. Overall, the results suggest that the regulatory move towards bail-in rather than bailout policies to deal with financially distressed banks has reduced the too-big-to-fail expectations concerning large banks.

使用2008年6月至2020年6月期间欧元体系专有的银行间同业贷款数据，我们显示，大型欧洲银行的隔夜借贷成本低于小型银行。在控制了许多其他因素之后，规模溢价仍然很可观，但是随着时间的流逝，规模溢价已经下降，尤其是在受到主权债务危机打击的国家中。差异分析表明，规模溢价的下降与实际保释事件有关，而与银行恢复和解决指令的实施日期无关。这一发现对于控制欧洲央行的长期再融资操作的影响是有力的。全面的，