1 Targeted Longer-Term Refinancing Operations, offering banks long-term funding at attractive conditions, to  preserve favourable borrowing conditions for banks and stimulate bank lending to the real economy. The interest rate applied is linked to the participating banks’ lending patterns.
In order to address these upside risks and achieve price stability in the euro area over the medium-term, in accordance with the ECB’s mandate, the Governing Council raised the key ECB interest rates by 25 basis points in July. The Council decided to keep the interest rates unchanged at its August meeting.