Most of the funding was disbursed in a period of a few months, and now, roughly 18 months after the start of the crisis, the nearly $ trillion in credit provided through the liquidity facilities have been paid down to slightly more than $ billion.
2  BIS central bankers’ speeches  And in scaling up the volume of our measures, we have also broadened the scope of transmission. The TLTROs and the ABSPP primarily work through what is called a direct price and pass-through effect. That is, both measures are designed to ensure an unimpeded transmission of our actions to the ultimate borrowing costs of the private sector.