The European Central Bank (ECB) on Wednesday allotted over 25 billion euros (around 33 billion U.S. dollars) in its three-month refinancing operation.

The ECB received 48 bids and allotted 25.1266 billion euros in the form of a 91-day long-term refinancing operation (LTRO). The fixed rate of the loans will be indexed to the average of the minimum bid rates in the main refinancing operations over the life of the LTRO, said a statement of the ECB on Tuesday.

Wang Jidong, an analyst with Frankfurt branch of China's Bank of Communications, said it is a normal operation by the ECB considering the amount of the loans.

It is possible that some banks were not able to provide eligible collateral for the three-year LTRO conducted by the ECB in February, he said.

The ECB has lent banks over 1 trillion euros in two rounds of three-year LTRO since December. (1 euro = 1.3 U.S. dollars)