# Decision (EU) 2016/810 of the European Central Bank of 28 April 2016 on a second series of targeted longer-term refinancing operations (ECB/2016/10), Division 2: Calculation of benchmarks

Extent: E+W+S+N.I.

Let NLm be the eligible net lending of a participant in calendar month m, calculated as the participant's gross flow of new eligible loans in that month less repayments of eligible loans, as defined in Annex II.
Denote by NLB the benchmark net lending for this participant. This is defined as follows:
NLB = min(NLFeb 2015 + NLMarch 2015 + … + NLJan 2016,0)
This implies that if the participant has positive or zero eligible net lending in the first reference period, then NLB = 0. If, however, the participant has negative eligible net lending in the first reference period, then NLB = NLFeb 2015 + NLMarch 2015 + … + NLJan 2016.
Denote by OAB a participant's benchmark outstanding amount. This is defined as follows:
OAB = max(OLJan 2016 + NLB,0)

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Source: https://www.legislation.gov.uk/eudn/2016/10/annex/I/division/2 (the official version)
Page: https://openlegislation.uk/eu-decision-2016-10/annex-I/division-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.