Bid limits (borrowing allowances)
In the four TLTRO‑II, counterparties will be able to borrow up to 30% of a specific eligible part of their loans as at 31 January 2016 less any amount which was previously borrowed and is still outstanding under the first two TLTROs conducted in September and in December 2014 (overall limit). The definition of eligible loans corresponds to that from the first TLTRO series. For more specific information on this definition, please go to Data reports and audit.
Counterparties may allocate their overall TLTRO‑II limit across the four TLTROs of the second series. When the Bundesbank communicates limits to counterparties, it will take into account voluntary early repayments of TLTRO‑I.1 and ‑I.2 in June 2016 (TLTRO‑I.1 and ‑I.2), September 2016 (TLTRO‑I.1), December 2016 (TLTRO‑I.2) and March 2017 (TLTRO‑I.1) and mandatory early repayments of TLTRO‑I.1 and ‑I.2.
Within the bid limits, TLTRO‑II will be conducted as fixed rate tenders with full allotment. The deadline for the counterparty to post collateral is the respective settlement date.