{
  "url": "https://openlegislation.uk/eu-decision-2014-34/annex-I/division-2",
  "json_url": "https://openlegislation.uk/eu-decision-2014-34/annex-I/division-2.json",
  "legislation": "eudn/2014/34",
  "legislation_title": "Decision of the European Central Bank of 29 July 2014 on measures relating to targeted longer-term refinancing operations (ECB/2014/34) (2014/541/EU)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2014-34",
  "path": "annex/I/division/2",
  "kind": "division",
  "number": "2",
  "heading": "Calculation of mandatory early repayments",
  "text": "Participants that have borrowed in the TLTROs but whose eligible net lending in the period from 1 May 2014 to 30 April 2016 is below the benchmark will be required to pay back their borrowing in September 2016.\nThe mandatory early repayment in September 2016 of a participant is:\nMR = ∑ k = 1 8 C k , if BE 8 > CNL 8\nThis means that if the total eligible net lending granted by the participant in the period from 1 May 2014 to 30 April 2016 is lower than the benchmark for the allotment reference month of April 2016, then the full amount of borrowing in all TLTROs must be repaid in September 2016.\nIf BE 8 ≤ CNL 8 but ∑ j = 3 8 C j > AA 8 , then in September 2016 the participant must repay ∑ j = 3 8 C j − AA 8 from the last six TLTROs. In other words, if a participant's total borrowing in the TLTROs conducted from March 2015 to June 2016 ∑ j = 3 8 C j exceeds the basis for the calculation of the additional allowance for the allotment reference month of April 2016 (AA 8), then the amount of this excess must be repaid in September 2016.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Substituted by Decision (EU) 2015/299 of the European Central Bank of 10 February 2015 amending Decision ECB/2014/34 on measures relating to targeted longer-term refinancing operations (ECB/2015/5)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2014/34/annex/I/division/2",
    "retrieved_at": "2026-11-01T15:14:52.855896+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}