Since March 2015, TLTROs have provided low-cost funding (at interest rate on MRO) to financial institutions up to an amount three times as much as the net increase in lending to non-financial firms and households (excluding loans to households for house purchases). Currently, the maximum is three years; TLTROs are scheduled to continue until June 2016.
In any case, the future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary policy stance. Second, net purchases under our asset purchase programme (APP) will continue at a monthly pace of € billion.