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THE STATE OF THE EUROPEAN UNION
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The fundamental characteristic of the TLTRO
programme is precisely that “targeting”. If
Eurozone monetary expansion as a whole is real-
ised through the delivery of resources to the banks
without any type of requisite that links the tapping
of these funds to their purpose, the TLTRO
Programme is, in this respect, an exception.
Indeed, the Programme is based on loans
granted to the banks on condition that there is
an increase in the total balance of lending by
the recipient bank.
The Programme planned to channel “a min-
imum of 1.14 trillion euros” and has already
delivered over 0.4 trillion euros to the European
banking system.
Chart 8.
Purposes for which euro area banks use the additional liquidity from the expanded APP-overview
Source:
ECB.
Average porcentaje of respondents per category
Past six months
Next six months
Refinancing
50
50
40
40
30
30
20
20
10
10
0
0
Increased liquidity from sales of
marketable assets
Notes: the percentages are defined as the sum of the percentages for “has contributed (will
contribute) considerably to this purpose” and “has contributed (will contribute) somewhat to this
purpose”. The results shown are calculated as a percentage of the number of banks which did not
reply “not applicable”.
Increased liquidity from increased
customers’ deposits
Grantin
loans
Grantin
loans
Purchasing
assets
Purchasing
assets
Refinancing