The design of the TLTRO series provides incentives to banks to expand credit provision to households and non-financial corporates, with the interest rate on the new TLTRO-II programme set at the deposit facility rate for those banks that exceed benchmark net lending targets.3 A set of asset purchase programmes.
In September 2014, programmes to buy assetbacked securities and covered bonds issued by private-sector entities were launched (termed ABSPP and CBPP respectively); the decision to launch a public sector purchase programme (PSPP) was taken in January 2015; and the introduction of a corporate sector purchase programme (CSPP) was decided in March 2016.4 Taken together, these form the expanded asset purchase programme (EAPP): from March 2015 to March 2016, average monthly purchases were € billion; since then, the target has been raised to average monthly purchases of € billion.