Banks take more than expected in new TLTRO round

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Banks take more than expected in new TLTRO round

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The stars of European Union (EU) membership sit on a euro sign sculpture outside the headquarters of the European Central Bank (ECB) in Frankfurt, Germany, 20 March 2014. | Daniel Reinhardt/DPA/PA Images

Take-up was higher than expected for the European Central Bank’s latest series of Targeted Longer-Term Refinancing Operations on Thursday. But an overall allotment of €174bn still paled in comparison with the last round, as banks showed they already had plenty of excess liquidity on their balance sheets.

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