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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)
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2. Calculation of mandatory early repayments
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.
The mandatory early repayment in September 2016 of a participant is:
This 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.
If BE 8 ≤ CNL 8 but 
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