ENP Newswire -
Release date- 03072014 -
The TLTROs are designed to enhance the functioning of the monetary policy transmission mechanism by supporting bank lending to the real economy.
Under the scheme, banks will initially be able to borrow an amount equivalent to up to 7% of a specific part of their loans in two operations in September and
The additional borrowing allowance is limited to three times the difference between the net lending since
For banks1 that exhibited positive eligible net lending in the twelve-month period to
For banks that exhibited negative eligible net lending in the year to
Banks that borrow in the TLTROs and fail to achieve their benchmarks as at
Banks participating in a TLTRO will be subject to specific reporting obligations.
The initial operations will be conducted on 18 September and
Further technical details of the TLTROs can be found in an annex to this press release.
By the beginning of
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1Banks can participate in a TLTRO individually. In addition, several banks may form a 'TLTRO group', if they fulfil specific conditions, and can then participate in a TLTRO through one member of the group. In this case, the calculation of the TLTRO group's benchmark and borrowing allowances will be based on aggregated loan data for the TLTRO group.
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