Over the same period, a credit easing package was announced which included targeted longerterm refinancing operations (TLTROs I), a third covered bond purchases programme (CBPP3) and an asset-backed securities purchase programme (ABSPP).1 The overarching motivation underpinning the design of this package was twofold.
Frequent changes – as in the case of the repeated revisions of incentives for capitalizing firms and of the reform of the PIRs included in the last budget law – could heighten uncertainty, with negative effects on the allocation of savings and on firms’ financing choices.