Banks were able to satisfy their additional liquidity needs, in the context of a net liquidity injection of around € billion – taking into account the shifting of liquidity out of other operations. Moreover, the LTROs provided banks with a more certain medium-term funding situation owing to the longer maturity of the new operations.
The full supportive impact of the three-year LTROs will need time to unfold. Any assessment of their impact on the economy can be only preliminary in nature at this stage. However, the data available to date give some encouraging signals.