{
  "url": "https://openlegislation.uk/eu-decision-2016-11/introduction",
  "json_url": "https://openlegislation.uk/eu-decision-2016-11/introduction.json",
  "legislation": "eudn/2016/11",
  "legislation_title": "Decision (EU) 2016/811 of the European Central Bank of 28 April 2016 amending Decision ECB/2014/34 on measures relating to targeted longer-term refinancing operations (ECB/2016/11)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2016-11",
  "path": "introduction",
  "kind": "introduction",
  "number": null,
  "heading": "Introductory text",
  "text": "Decision (EU) 2016/811 of the European Central Bank\nof 28 April 2016\namending Decision ECB/2014/34 on measures relating to targeted longer-term refinancing operations (ECB/2016/11)\nTHE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,\nHaving regard to the Treaty on the Functioning of the European Union, and in particular the first indent of Article 127(2) thereof,\nHaving regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular the first indent of Article 3.1, Article 12.1, the second indent of Article 18.1 and the second indent of Article 34.1 thereof,\nHaving regard to Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60),\nWhereas:\n(1)\nPursuant to Article 1(4) of Guideline (EU) 2015/510 (ECB/2014/60), the Governing Council may, at any time, change the tools, instruments, requirements, criteria and procedures for the implementation of Eurosystem monetary policy operations.\n(2)\nOn 29 July 2014, in pursuing its price stability mandate and in the context of measures aimed at enhancing the functioning of the monetary policy transmission mechanism by supporting lending to the real economy, the Governing Council adopted Decision ECB/2014/34. This Decision provided for a series of targeted longer-term refinancing operations (TLTROs) to be conducted over a period of two years.\n(3)\nOn 10 March 2016, in order to reinforce the ECB's accommodative monetary policy stance and to strengthen the transmission of monetary policy by further incentivising bank lending to the real economy, the Governing Council decided to conduct a new series of four targeted longer-term refinancing operations (TLTROs-II). The terms for these TLTROs-II are to be set out in a separate decision. In order to allow institutions to repay the amounts borrowed under TLTROs and borrow under the TLTROs-II, the Governing Council decided to introduce in June 2016 an additional voluntary repayment possibility for all outstanding TLTROs.\n(4)\nThe Governing Council also decided that no further reporting obligations would apply to participants that submitted the data required for calculating mandatory early repayment in September 2016.\n(5)\nIn order to allow credit institutions sufficient time to make operational preparations for the first TLTRO-II, this Decision should enter into force without undue delay.\n(6)\nTherefore, Decision ECB/2014/34 should be amended accordingly,\nHAS ADOPTED THIS DECISION:",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ L 91, 2.4.2015, p. 3."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Decision ECB/2014/34 of 29 July 2014 on measures relating to targeted longer-term refinancing operations (OJ L 258, 29.8.2014, p. 11)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2016/11/introduction",
    "retrieved_at": "2026-11-01T15:14:06.274346+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}