Timeline of events

10 Mar 2016

The Governing Council decided to conduct a series of four targeted longer-term refinancing operations (TLTRO-II), each with a maturity of four years, starting in June 2016. Borrowing conditions in these operations can be as low as the interest rate on the deposit facility.

ECB announces new series of targeted longer-term refinancing operations (TLTRO-II)
Monetary policy decisions

05 Jun 2014

The Governing Council decided 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

03 Jul 2014

The Governing Council decided on further technical details of the TLTROs

29 Jul 2014

Publication of Decision ECB/2014/34 on measures relating to targeted longer-term refinancing operations

22 Jan 2015

The Governing Council decided to modify the interest rate applicable to future targeted longer-term refinancing operations, resulting in the amendment of Decision ECB/2014/34

See Article 8 and Annex II of the Decision of the ECB of 29 July 2014 (ECB/2014/34) and Updated guidelines for completing the TLTRO reporting template.

• Decision ECB/2015/5 of 10 February 2015 amending Decision ECB/2014/34 on measures relating to targeted longer-term refinancing operations
• Indicative calendar of the targeted longer-term refinancing operations (TLTROs) in 2016
• Indicative early repayment dates of TLTROs
• Calendar of the targeted longer-term refinancing operations (TLTROs) in 2015
• Updated modalities of the targeted longer-term refinancing operations (as of 29 July 2014)
• Updated guidelines for completing the TLTRO reporting template (as of 10 February 2015)
• TLTRO reporting template
• TLTRO reporting example