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(4)in Annex I, Section 1, the fifth paragraph is replaced by the following:‘The bid limit applicable to each participant in each TLTRO-III is its borrowing allowance BAk less the amounts borrowed under previous TLTROs-III. Let be the borrowing of a participant in TLTRO-III k, then where BLk is the bid limit for this participant in operation k that is defined as follows:for k = 2,…,7.’.
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