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Mandatory early repayments

Mandatory early repayments Under certain conditions, the early repayment of TLTRO‑I is mandatory.

Counterparties whose eligible net lending is below the benchmark in the period from 1 May 2014 to 30 April 2016 will be required to repay their TLTRO-I borrowings in full on 28 September 2016 in the form of a mandatory early repayment.

Counterparties whose total borrowings in the additional TLTROs-I held between March 2015 and June 2016 exceed the limit determined by their net lending in the reference month April 2016 have to also settle the difference on 28 September 2016 in the form of a mandatory repayment.

Counterparties concerned were informed of their obligation of a mandatory early repayment. The repayment including interest accrued is automatically conducted on 28 September 2016 (originally 29 September 2016) via TARGET2 accounts designated for the settlement of open market operations.

Counterparties who were informed of their obligation of a complete mandatory repayment shall be excluded from participation in the voluntary early repayments.

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