Pandemic Emergency Longer-Term Refinancing Operations

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On 30 April 2020 the Governing Council of the European Central Bank (ECB) decided to introduce, as a temporary measure, a new series of non-targeted pandemic emergency longer-term refinancing operations (PELTROs) to support liquidity conditions in the euro-area financial system and contribute to preserving the smooth functioning of money markets by providing an effective liquidity backstop after the expiry of the additional LTROs conducted since March 2020.

On 10 December 2020 the Governing Council of the ECB decided to offer four additional PELTROs in 2021, which will continue to provide an effective liquidity backstop.

For further operational details and an indicative calendar, see the ECB's press release, 10 December 2020.