Reuters: Financial Services and Real Estate: Banks look to early repayment of LTRO loans-FT

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Banks look to early repayment of LTRO loans-FT Apr 2nd 2012, 00:44 LONDON, April 2 | Sun Apr 1, 2012 8:44pm EDT LONDON, April 2 (Reuters) - Some of Europe's biggest banks are preparing to repay a third of the money they borrowed from the ECB within the next 12 months, the Financial Times reported on Monday. Italy's UniCredit, France's BNP Paribas and Societe Generale, and La Caixa in Spain are preparing to pay back the chunk of their loans, estimated at 80 billion euros to 100 billion euros ($133.17 billion) in total, senior bankers were cited as saying. The longer-term refinancing operation (LTRO) scheme launched last December and repeated in February gave hundreds of banks an aggregate 1 trillion euros of ECB money at an interest rate of just 1 percent, the FT said. The money is repayable in December 2014 and February 2015. But banks are allowed to begin repayment after the first 12 months, which would take place in December this year according to the FT. The banks involved could not be reached for immediate comment.

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