Eurozone banks’ TLTRO repayments are below market expectations

Slow pace of repayments may hamper ECB policy normalisation, some analysts say

ECB + bridge

Banks in the eurozone will repay over €296 billion ($306 billion) in cheap loans to the European Central Bank on November 23.

The ECB announced the figure today (November 18). The first tranche of repayments are about 14% of the total outstanding amount of Targeted Longer-Term Refinancing Operations (TLTRO) loans.

Nonetheless, these repayments are below most market expectations. For instance, a Bloomberg survey of economists released earlier this week forecast repayments would range from €200

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