Banks To Return $4.66 Billion In Crisis Loans To ECB Next Week

wochit business
May 09, 2014 AT 6:55 AM
Banks will return 3.365 billion euros in long-term crisis loans to the European Central Bank next week, less than expected but more than this week as banks trim down their reliance on ECB funding and return to the markets. The amount banks will repay on May 14 is more than this week's repayments of 1.75 billion euros, and below the 6 billion forecast in a Reuters poll. Banks are voluntarily offloading the crisis loans they took from the ECB in late 2011 and early 2012 in anticipation of Europe-wide bank stress tests, which will over the next couple of months check how the lenders hold up under certain scenarios.