In order to address the adverse impact of the coronavirus pandemic, on 12 March 2020 the Governing Council of the European Central Bank (ECB) decided on additional longer-term refinancing operations (LTROs) to provide immediate liquidity support to banks and to safeguard money market conditions. These operations will provide an effective backstop if necessary.
The LTROs will provide liquidity at favourable terms to bridge the period until the TLTRO-III operation in June 2020.
For further operational details and an indicative calendar, see the ECB's press release, 12 March 2020.
