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Targeted longer-term refinancing operations I

On 5 June 2014, the Governing Council of the European Central Bank (ECB), in a move to support lending by banks to the euro-area real economy, decided to conduct a series of, in total, eight targeted longer-term refinancing operations (TLTRO‑I) with a maturity of up to four years and an early repayment option.

On 28 April 2016, the relevant TLTRO legal act was amended by the ECB Governing Council to incorporate, above all, an additional voluntary repayment possibility for the transition to the second series (TLTRO‑II) and an easing of reporting requirements.