Moreover, in June 2014, the ECB newly introduced Targeted LTROs by providing long-term funds (for a maximum of three to four years) to financial institutions up to a total of three times the net increase in private-sector lending excluding mortgages, with a fixed interest rate at 10 basis points plus the prevailing interest rate of the main refinancing operations (MROs).
Measure (5): Negative interest rate charge on reserves The ECB introduced a negative interest rate (negative 0.1 percent) on excess reserves and lowered deposit facility interest rates to the same negative rate in June 2014, in conjunction with a cut in other policy interest rates.