Eurosystem continued to make purchases

Moreover, at the end of
June, the last transaction in the first series of
targeted longer-term refnancing operations
(TLTRO I) was carried out as well as the first of a
total of four new such transactions (TLTRO II).

In line with market expectations, banks did not
fully exhaust their total allowances under the
first TLTRO II, using lending in particular to
replace earlier longer-term refinancing oper-
ations, which were now no longer as attract-
ive. The second TLTRO II will be carried out in
September of this year.