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Eurozone banks give ECB's lending programme a lukewarm reception
The European Central Bank's flagship scheme to boost the flagging eurozone economy has received a lukewarm welcome from banks in the 18-nation single-currency zone. Financial markets were taken aback to find only limited demand for the cheap credit on offer from the ECB, as they had expected institutions to snap up the offer of cut-price loans. Mario Draghi's ECB had made €400bn (£315bn) available for TLTROs (targeted long-term refinancing operations) under which banks could take out loans at an interest rate of 0.15% for four years provided they increased lending to businesses or households, and for two ... (full story)