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In order to achieve its monetary policy objectives, the Eurosystem has at its disposal a set of monetary policy instruments. These include liquidity-providing and liquidity-absorbing open market operations which are settled by the Bundesbank, to the extent of its mandate, with counterparties established or resident in Germany.

Targeted longer-term refinancing operations

On 5 June 2014, the Governing Council of the European Central Bank (ECB) decided to support bank lending to the euro-area non-financial sector through a series of eight targeted longer-term refinancing operations (TLTRO‑I) with a maturity of up to four years.

At its 10 March 2016 meeting, the ECB Governing Council announced that, in order to improve the monetary transmission process by incentivising lending, it would launch a second series of four targeted longer-term refinancing operations (TLTRO‑II) with a four-year maturity.