In pursuing its price stability mandate, the
To conduct a series of targeted longer-term refinancing operations (TLTROs) aimed at improving bank lending to the euro area non-financial private sector , excluding loans to households for house purchase, over a window of two years.
2.To intensify preparatory work related to outright purchases of asset-backed securities (ABS).
Modalities of the series of TLTROs
Counterparties will be entitled to an initial TLTRO borrowing allowance (initial allowance) equal to 7% of the total amount of their loans to the euro area non-financial private sector, excluding loans to households for house purchase, outstanding on
During the period from
All TLTROs will mature in
The interest rate on the TLTROs will be fixed over the life of each operation at the rate on the
Starting 24 months after each TLTRO, counterparties will have the option to repay any part of the amounts they were allotted in that TLTRO at a six-monthly frequency.
Counterparties that have borrowed under the TLTROs and whose net lending to the euro area non-financial private sector, excluding loans to households for house purchase, in the period from
Further technical details and an exact calendar of the operations will be announced in due course.
Intensification of preparatory work related to outright purchases of ABS
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The euro area non-financial private sector is defined as euro area households and non-financial corporations.
Net lending will be measured on the basis of the transactions concept of the BSI statistics, i.e. new loans minus loan redemptions, adjusted for the impact of loan sales and securitisations.
The allotment reference date is defined as the most recent month for which net lending data will be available for each TLTRO allotment.
TNS 30FurigayJane-140606-4758109 30FurigayJane
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