Note: The latest observations are for 2 October 2020.  Credit supply has been supported by our TLTRO III operations. The TLTROs were in high demand in June and September 2020, with a combined take-up of nearly € trillion. In net terms, liquidity increased by € billion.
This, in turn, makes it easier for regulators to credibly commit to implementing the regulations in a consistent manner, thereby increasing the effectiveness of the regulatory regime.