Lloyds said it had drawn down 11.4 billion pounds from the European Central Bank's second offering of cheap three-year funds on Wednesday.

Lloyds Banking Group can confirm it has drawn 11.4 billion pounds under the LTRO for an initial term of three years. The aim is to part fund a pool of non-core euro denominated assets, Lloyds said in a statement.

Britain owns around 40 percent of Lloyds after bailing out the bank during the 2008 credit crisis.

A total of 800 banks borrowed 530 billion euros from the ECB's latest LTRO programme.

(Reporting by Sudip Kar-Gupta; Editing by Dan Lalor)