LONDON, Jan 24 (Reuters) - Britain's Lloyds Banking Group is to repay up to 10 billion euros ($13.3 billion) ofthe long-term cash it borrowed last year from the EuropeanCentral Bank, a person close to the bank said.
Lloyds will repay 8-10 billion euros, or up tothree-quarters of the 13.5 billion it borrowed in the ECB'slong-term refinancing operations (LTROs), as it has a strongbalance sheet and liquidity position so doesn't need the cash,the source said.
Lloyds took its cash in the ECB's second LTRO offer, andplans to repay the cash when it is able to on Feb. 27, thesource said. The UK bank, which borrowed the money through itsSpanish, Irish and Dutch operations, will retain some of theloan as a currency hedge for some of its European assets, thesource said.
Lloyds (LLOY)
