Banks have indicated that TLTRO III is having a net easing impact on the terms and conditions offered to borrowers and a positive net impact on their lending volumes, particularly their expected lending volumes over the next six months (Chart 8).
By industry, construction investment in stores and accommodation facilities by the face-to-face services industry has  2  decreased, but a pick-up has been seen in machinery investment and digital-related investment by the manufacturing industry and the nonmanufacturing industry other than face-to-face services.