BREAKING NEWS
This content is not available in your region

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

Euro zone banks repay 147 billion euros in ECB loans before new auction
FILE PHOTO: Sign of the European Central Bank (ECB) is seen outside the ECB headquarters in Frankfurt, Germany, March 7, 2019. REUTERS/Kai Pfaffenbach   -   Copyright  Kai Pfaffenbach(Reuters)
Text size Aa Aa

FRANKFURT (Reuters) – 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.

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.

(Reporting By Francesco Canepa; Editing by Jon Boyle)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.