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Draghi Loan Plan Missing Estimates Hampers ECB Stimulus

Mario Draghi is facing renewed pressure to implement quantitative easing after banks borrowed less than estimated in the European Central Bank’s first targeted-loan offer.

The Frankfurt-based ECB lent 82.6 billion euros ($106.5 billion) to euro-area banks at a fixed interest rate of 0.15 percent in its targeted longer-term refinancing operations today. That was below all predictions in a Bloomberg survey, which gave a range of 100 billion euros to 300 billion euros.