Our reinvestment policy continues to provide a significant degree of policy stimulus. In fact, by linking the reinvestment horizon to the date when we start raising the key ECB interest rates, we are reinforcing the stimulative effects of our forward guidance as market expectations for the reinvestment horizon should evolve in line with expectations for the date of rate lift-off.
Third, we decided on the pricing modalities of the new series of quarterly targeted longer-term refinancing operations (TLTRO III), which we had already announced in March. The aim of these operations is to offer long-term funding at attractive conditions to banks, which will help to preserve favourable bank lending conditions and support the smooth and efficient bank-based transmission of monetary policy.