Decision (EU) 2021/124 (ECB/2021/3)

In forceThis text since 29 Jan 2021law://eu/dec/2021/124/rct_3@2026-11-11

(3)On 12 March 2020, in order to support bank lending to those most affected by the spread of the coronavirus disease (COVID-19), in particular small and medium-sized enterprises, the Governing Council decided to change certain key parameters of TLTROs-III. Moreover, on 30 April 2020, in order to further support the provision of credit to households and firms in the face of the prevalent economic disruptions and heightened uncertainty, the Governing Council decided some further changes to these parameters. Decision (EU) 2020/407 of the European Central Bank (ECB/2020/13)^note and Decision (EU) 2020/614 of the European Central Bank (ECB/2020/25)^note implement these changes.

Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.

Key facts

Type: Decision · (EU) 2021/124
Adopted: 29 Jan 2021
In force: 4 Feb 2021
Made by: European Central Bank
Official: EUR-Lex 32021D0124 · ELI

Topics

credit credit institution credit policy euro area Eurosystem financial legislation monetary policy Economic and Monetary Union General framework Sanctions

History · 1 version

29 Jan 2021Reading

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Cited by 1: Decision (EU) 2021/752 (ECB/2021/21)
Cites 2: Decision (EU) 2020/614 (ECB/2020/25); Decision (EU) 2020/407 (ECB/2020/13)

Defined terms · 5

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additional special interest rate period
means the period from 24 June 2021 to 23 June 2022;
additional special reference period
means the period from 1 October 2020 to 31 December 2021;
benchmark net lending
means the amount of eligible net lending that a participant needs to exceed in the second reference period, in the special reference period, or in the additional special reference period in order to qualify for an interest rate on the participant’s borrowing that is lower than the initial rate applied and which is calculated in accordance with the principles and the detailed provisions set out in Article 4 and 5 and Annex I, respectively;’;
corporate reorganisation
means a merger or acquisition involving a participant or TLTRO-III group member and one or more other credit institutions, or a division of a participant or TLTRO-III group member, including a division that results from a participant's resolution or liquidation.’;
rest of the life of the respective TLTRO-III
means the period from the settlement date of the respective TLTRO-III until 23 June 2020 and the period from 24 June 2022 until its maturity date or early repayment date, as applicable, thus excluding the special interest rate period and the additional special interest rate period;’;