June 6, 2019 / 2:02 PM / 5 months ago

ECB sets conditions for securing loans at rebate rate

Vice-president of the European Central Bank Luis de Guindos, President of the European Central Bank Mario Draghi and Lithuanian Central Bank governor Vitas Vasiliauskas leave after a news conference in Vilnius, Lithuania June 6, 2019. REUTERS/Ints Kalnins

FRANKFURT (Reuters) - Euro zone banks that grow their lending by at least 2.5 percent will get the best rate from the European Central Bank for borrowing cash via its targeted longer-term refinancing operations (TLTRO III), the ECB said on Thursday.

“Counterparties will receive the maximum rate reduction if they exceed their benchmark stock of eligible loans by 2.5% as at 31 March 2021,” the ECB said.

“Below this limit, the size of the decrease in the interest rate will be graduated linearly depending on the percentage by which a counterparty exceeds its benchmark stock of eligible loans.”

Reporting By Francesco Canepa; Editing by Catherine Evans

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