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Euro zone banks repay 147 billion euros in ECB loans before new auction

Europe Materials 6 December 2019 17:41 (UTC +04:00)
Euro zone banks are set to repay 146.8 billion euro worth of multi-year loans to the European Central Bank ahead of schedule
Euro zone banks repay 147 billion euros in ECB loans before new auction

Euro zone banks are set to repay 146.8 billion euro worth of multi-year loans to the European Central Bank ahead of schedule, the ECB said on Friday, in a move likely designed to make room for new and cheaper credit, Trend with reference to Reuters reports.

The old loans, part of the ECB’s second Targeted Long-Term Refinancing Operation (TLTRO), will be repaid on Dec. 18, when the ECB holds a quarterly auction on even more generous terms as part of its effort to boost the euro zone’s economy.

The new three-year loans will be offered at a zero interest rate and borrowers could even be paid if they meet certain lending targets.

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