By steering very shortterm money market interest rates to keep them close to its official rates, using its regular monetary policy operations, the ECB has been able to influence the longer-maturity rates that are relevant for bank loan rates.
However, in the context of the drastic reduction of turnover in the unsecured markets, especially for longer maturities, large and variable spreads have emerged between the policy rates determined by the ECB and unsecured money market rates (such as the EURIBOR at various maturities) which are the basis for bank loan rates.