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Targeted longer-term refinancing operations II

Targeted longer-term refinancing operations II

DE

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 new series of targeted longer-term refinancing operations (TLTRO‑II). The technical details of their implementation were ultimately enshrined in a decision on TLTRO‑II adopted by the European Central Bank’s Governing Council on 28 April 2016, which was updated on 31 October 2016.

A total of four TLTRO‑II will be conducted on a quarterly basis beginning in June 2016. Each TLTRO‑II will have a four-year maturity with a voluntary repayment option.  Counterparties with sufficient net lending will see the interest rate on their operations reduced to the rate on the deposit facility.

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