These are the modification of the terms of TLTRO III and the introduction of a two-tier system for reserve remuneration given banks’ important role in monetary policy transmission. Both measures will serve to mitigate the risk that the possible side effects of the ECB’s accommodative monetary policy stance on bank-based intermediation could undermine the sustained convergence of inflation to our aim.
We are aiming to preserve favourable bank lending conditions in the euro area to further support the accommodative stance of monetary policy and ensure it is smoothly transmitted to the real economy. 3/3  BIS central bankers' speeches