European Central Bank officials see no urgent need to offer new long-term loans to banks and aren’t certain to do so at their next policy meeting in March, according to people familiar with the matter.

Officials aren’t yet convinced about the necessity for more liquidity and are nervous that an offering could fuel perceptions that they’re helping out particular lenders, said the people on condition of anonymity..

Most economists expect the ECB to announce a watered-down version of the last TLTRO program -- possibly similar to previous rounds of long-term funding that had shorter maturities and less attractive borrowing conditions.