Bloomberg News

ECB Says Banks to Repay EU12.5 Billion of 3-Year Loans Next Week

March 01, 2013

The European Central Bank said banks will repay 12.5 billion euros ($16.3 billion) of three-year loans next week.

Some 12 banks will return 4.18 billion euros borrowed in the first emergency operation, and 54 banks will hand back 8.32 billion euros of the second offering of long-term funds, the Frankfurt-based ECB said in a statement. That takes the total amount of money repaid early to 224.8 billion euros, or 22 percent of the overall amount lent.

The ECB flooded banks with more than 1 trillion euros in two three-year loans after money markets froze because of Europe’s debt crisis. Banks have the option of repaying the funds after a year.

To contact the reporter on this story: Jana Randow in Frankfurt at jrandow@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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