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Yesterday the Governing Council @ecb took important decisions, further easing the liquidity conditions for banks & fostering lending to the economy. Philip Lane provides a comprehensive explanation of the macro environment & our measures in a recent blog post. #ECBexplains 1/12
I will add some technical explanations, starting with the #TLTROs, our targeted longer-term refinancing operations. This graph shows the rates for a bank that met the lending threshold of 0% under the old TLTRO (12 March), giving rise to more favourable rates. 2/12 
Under the new TLTRO (30 April), banks meeting the lending threshold of 0% pay even lower rates in the “pandemic period”: currently -1% (versus -0.75% before). The assessment period for the lending threshold now starts one month earlier to reward lending in March. 3/12
