These liquidity-providing operations do not have a direct effect on euro liquidity  BIS Review 125/2008  5  conditions, but are conducted to address the availability of US dollar funding for euro area banks and aim at improving global funding conditions.
It is important to stress that the actions in connection with the TAF marked, to my knowledge, the first systematic, multilateral and successful central bank co-operation in the money market field, a market which is central to the implementation of a central bank’s monetary policy.