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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

With a view to improving the monetary transmission process and further incentivising bank lending, the Eurosystem has conducted two series of targeted longer-term refinancing operations (TLTRO-I and TLTRO-II). Details on aspects of the TLTRO, for example interest rate conditions and voluntary repayment options, can be found by following the links below.