LONDON Jan 24 Britain's Lloyds Banking Group
is to repay up to 10 billion euros ($13.3 billion) of
the long-term cash it borrowed last year from the European
Central Bank, a person close to the bank said.
Lloyds will repay 8-10 billion euros, or up to
three-quarters of the 13.5 billion it borrowed in the ECB's
long-term refinancing operations (LTROs), as it has a strong
balance sheet and liquidity position so doesn't need the cash,
the source said.
Lloyds took its cash in the ECB's second LTRO offer, and
plans to repay the cash when it is able to on Feb. 27, the
source said. The UK bank, which borrowed the money through its
Spanish, Irish and Dutch operations, will retain some of the
loan as a currency hedge for some of its European assets, the