The European Central Bank (ECB) said on Thursday that banks borrowed €97.8 billion in loans, the so-called TLTROs. This figure indicates that the recovery in the Eurozone is spurring lending.

The ECB is offering banks the loans as part of its stimulus measures to spur Eurozone's economy and to boost inflation to its 2% target.

The ECB said there were 143 bidders for this week's TLTROs. Italian banks had been expected to be the biggest borrowers.

Banks borrowed €82.6 billion in September and €129.8 billion euros of the four-year TLTRO loans in December.