Unlike the long-term operations we launched in 2009 and again between the end of 2011 and early 2012, these targeted refinancing operations are, for the most part, conditional.
In other words, any bank, starting in March this year, can have a long-term loan from the ECB at a very advantageous rate only if its lending to businesses and households increases at a higher pace than in the recent past. The banks have, to date borrowed an amount totalling just under € billion.