Counterparties will be entitled to borrow up to 30% of the stock of eligible loans as at 28 February 2019 at a rate indexed to the interest rate on the main refinancing operations over the life of each operation, with further details on the precise terms of the new operations to be communicated in due course.
Finally, we extended the fixed rate tender procedure with full allotment. This means that we will continue to provide banks with a liquidity backstop against sufficient and adequate collateral. These measures give us renewed confidence that growth will return to its potential level, supporting the continued convergence of inflation towards our aim.