14  3. LTROs and TLTROs In December 2011, the ECB revived the longer-term refinancing instrument making the central bank liquidity available to banks for up to three years at a fixed annual interest rate of about 1%. The total allotted amount to the euro area banks was € trillion.
In 2014, the ECB announced two more series of targeted long-term refinancing operations with a maturity of up to four years with practically zero interest rate, amounting to more than € billion, affecting directly borrowing conditions of enterprises in the euro area. 4.