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TLTRO Dec Repayment Expectations Centre On E300-400bln

ECB

A few outlooks for this Friday's TLTRO repayments below, from high to low. Submissions are due today shortly (by 1700CET), with the results Friday at 1205CET.

  • Recall that in November's operation, banks made E296bln in early repayments, on the low end of expectations. Around E1.8trn remains outstanding.
  • Also, note that E52bln of TLTROIII loans mature in December, and the figures below appear to incorporate that amount alongside the amount paid early:
  • UniCredit: E400-600bln
  • Barclays: E350bln, range of E150-450bln possible
  • BNP Paribas: E350bln, with risks to the upside
  • ING: E200bln

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