-
Euro zone banks take more ultra-cheap ECB loans than expected
Euro zone banks took up more ultra cheap long-term cash from the European Central Bank than expected on Thursday, tapping into the last auction of an unconventional tool designed to revive the bloc's economy. Some 474 banks took up 233.5 billion euros of four-year loans in the last targeted longer-term refinancing operation (TLTRO), well above the 125 billion euros expected in a Reuters poll, suggesting that banks are keen to stock up on cheap cash in anticipation of a continued rise in lending. Unveiled a year ago when lending growth hovered near zero, TLTRO provides banks with interest-free funding and even a ... (full story)