Banking
ECB move to restrict bank subsidies to cost AIB and BoI up to €100m
European Central Bank to change terms of cheap loans to European banks
The European Central Bank’s (ECB) move to curb lucrative subsidies to European banks will cost the country’s two largest lenders up to €100 million in foregone income.
The ECB last week moved to change the terms of trillions of euro of ultra-cheap loans known as targeted longer-term refinancing operations (TLTROs).
European banks borrowed the funds for free or, at times, at negative rates. In recent months, since rates have increased, lenders have been able to ...