The ECB will decide on detailed terms for its new TLTRO loans to banks at a future meeting of policymakers and depending on market conditions at the time, ECB Governing Council member Bostjan Vasle said.

The ECB said in March it would launch a third series of its Targeted Long-Term Refinancing Operations -- cheap two-year loans to help banks finance themselves and to encourage lending to businesses and households that supports the economy. But no terms have been set for the scheme, due to start in September.

Vasle told the Governing Council had decided to "wait with concrete terms for long-term financing loans" until a future policy meeting and the terms "will depend upon economic conditions on the markets at the time". It will next meet to decide on monetary policy on June 6.