Crossword Genius

Repeat fee European bank first set up (9)

Ross

I believe the answer is:

'repeat' is the definition.
(synonyms)

'fee european bank first set up' is the wordplay.
I cannot really see how this works, but
'fee' could be 'rate' (I've seen this in other clues) and 'rate' is found within the answer.
'european' could be 'e' (abbreviation e.g. EU) and 'e' is located in the answer.
'first' could be 'i' (I in Roman numerals eg Elizabeth I) and 'i' is present in the answer.
This may be the basis of clue (or it may be nonsense).

(Other definitions for reiterate that I've seen before include "State again", "show again", "Belabour", "Say again or repeatedly", "Repeat".)

I've seen this clue in The Guardian.