Mixed reactions from banks as ECB prepares to wind down LTROs


Commentators have raised divergent views on the impact of early repayments of the European Central Bank's (ECB) long-term refinancing operations (LTROs), which are due to begin on January 30.

The LTROs, injections of liquidity into the banking system with three-year maturities, were launched in two batches, in December 2011 and February 2012. At the time, they were widely credited with pulling Europe back from the brink of a second financial crisis.

Both rounds of LTRO included provisions to

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