Lloyds to repay 8-10 billion euros of ECB long-term loan - source
LONDON (Reuters) - Britain's Lloyds Banking Group (LLOY.L) is to repay up to 10 billion euros of the long-term cash it borrowed last year from the European Central Bank, a person close to the bank said.
Lloyds will repay 8-10 billion euros, or up to three-quarters of the 13.5 billion it borrowed in the ECB's long-term refinancing operations (LTROs), as it has a strong balance sheet and liquidity position so doesn't need the cash, the source said.
Lloyds took its cash in the ECB's second LTRO offer, and plans to repay the cash when it is able to on February 27, the source said. The UK bank, which borrowed the money through its Spanish, Irish and Dutch operations, will retain some of the loan as a currency hedge for some of its European assets, the source said.
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.