[9] The gap between gross and net funding reflects the maturities of the bridge LTROs that were introduced in March of this year and the first operation under TLTRO II, as well as voluntary early repayments of other TLTRO II operations.
Further, HMDA data for the same period show a 45 percent increase in home mortgage loans in low-income tracts, while lending in higher-income tracts rose by only 19 percent. In weighing the implications of the trends reflected by the data, it is important to consider the presence of changes in external market influences.