This way, when a counterparty judges that its chances of accessing market funding are being constrained by its use of ECB 3-year long-term refinancing operations, it can repay all or part of the amount borrowed earlier than its original maturity. In fact, tomorrow is the first opportunity to make  6  BIS central bankers’ speeches  use of the early repayment option.
These vulnerabilities have now been accentuated in the context of the recent global financial crisis. It is also imperative to understand that unlike countries with current account surpluses, India generally has a sizeable quantum of current account deficit.