ECB publishes legal acts relating to the second series of targeted longer-term refinancing operations (TLTRO-II)

03 May 2016

TLTRO-II is intended to reinforce the ECB’s accommodative monetary policy stance and to strengthen the transmission of monetary policy by further incentivising bank lending to the real economy.

The European Central Bank (ECB) decision ECB/2016/10 of 28 April 2016 on the second series of targeted longer-term refinancing operations defines the conditions for participation in targeted longer-term refinancing operations (TLTRO-II) and other operational aspects.

In line with the announcement of TLTRO-II on 10 March 2016, the ECB also publishes a Decision amending Decision ECB/2014/34 on measures relating to targeted longer-term refinancing operations (TLTROs) (ECB/2016/11), introducing an additional early repayment option for TLTROs in June 2016.

Five documents relating to TLTROs and TLTRO-II are made available. These include revised calendars of TLTROs for the years 2014, 2015 and 2016, a revised table on indicative voluntary repayment settlement dates of TLTROs and the indicative calendar for TLTRO II.

Press release


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