The first tranche of the ECB's targeted long-term refinancing operations (TLTRO), a four-year liquidity injection plan worth €1 ooobn, has now been released to banks with institutions taking up €82bn of the cash on offer. The main objective of the TLTRO is to facilitate ECB monetary policy transmission to the real economy by encouraging banks to lend cash to the private sector. The second tranche will be released on December 11, 2014. The ECB will disperse further loans in 2015 and 2016, offering more opportunities to gain cheap and stable central bank financing.
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