In parallel, we extended the period over which very favourable terms apply to our targeted longer-term refinancing operations (TLTRO III) to June 2022, and decided to hold three additional operations under the programme before the end of the year.
1/3  BIS central bankers' speeches  At our Governing Council meeting in early March, we assessed recent changes in financing conditions against the latest ECB staff macroeconomic projections. We observed that, since the start of the year, euro area market interest rates had increased measurably on account of a global repricing in the fixed-income market.