Targeted longer-term refinancing operations III
At their 7 March 2019 meeting, the Governing Council of the ECB announced the launch of a new series of targeted longer-term refinancing operations (TLTRO‑III), starting in September 2019 and ending in March 2021, each with a maturity of two years. Counterparties will be entitled to borrow up to 30% of the stock of eligible loans as at 28 February 2019 at a rate indexed to the interest rate on the main refinancing operations over the life of each operation. Like the outstanding TLTRO programme, TLTRO-III will feature built-in incentives for credit conditions to remain favourable. Further details on the precise terms of TLTRO-III will be communicated in due course.