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MNI BRIEF: Banks Repay Lower-Than-Expected EUR296Bln In TLTROs

(MNI) LONDON
(MNI) London

Banks repaid a total of EUR296 billion in Targeted Long Term Repos to the European Central Bank on Friday, well below the EUR500 billion expected by financial markets in what could be a disappointment to Governing Council hawks hoping for a bigger decrease in the ECB's near-EUR9 trillion balance sheet.

The repayments came thanks to an early repayment window offered following the ECB's October decision to retroactively amend the terms of TLTRO III loans due to the "unexpected and extraordinary rise in inflation." It said it recalibrated the loans to ensure consistency with broader monetary policy normalisation, and to reinforce the transmission of policy rate increases to bank lending.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Central Bank NewsPolicy NewsHomepageStoryCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefEuropean Central BankRegion
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Central Bank NewsPolicy NewsHomepageStoryCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefEuropean Central BankRegion
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