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.
2 Further information on the APP, the LTROs and TLROs can be found here, on the PEPP here and on the  collateral easing measures here. 3/3  BIS central bankers' speeches