ECB says that banks borrowed €174.5 billion in 3-year TLTRO-III operations
The gross take-up was €174.5 billion but the net take-up ended up being €157.9 billion. This is slightly on the higher side of estimates - which were between €10 to €200 billion.
Coincidentally, the euro is slightly softer at the same time the data is released but I don't see this as being much of a material factor. Excess liquidity is still plentiful in the euro area after the measures over the last few months.
In the case of the euro, keeping under 1.1700 against the dollar still keeps sellers well in control as price action now moves towards session lows of 1.1636.
