Targeted longer-term refinancing operations
Article 2
1. The Eurosystem shall conduct eight TLTROs in accordance with a timeline published on the ECB website. 2. All outstanding TLTROs shall mature on a fixed date published on the ECB website. 3. TLTROs shall be: (a) liquidity-providing reverse operations; (b) executed in a decentralised manner by the NCBs; (c) executed through standard tenders; and (d) executed in the form of fixed rate tender procedures. 4. The standard conditions under which the NCBs stand ready to enter into credit operations shall apply in respect of TLTROs, unless otherwise specified in this Decision. These conditions shall include the procedures for conducting open market operations, the criteria determining the eligibility of counterparties and collateral for the purposes of Eurosystem credit operations and the sanctions in the event of non-compliance with counterparty obligations, each as laid down in the general and temporary legal frameworks applicable to refinancing operations and as implemented in NCBs' contractual and/or regulatory national frameworks. 5. In the event of any discrepancy between this Decision and Guideline ECB/2011/14, together with any other ECB legal act laying down the legal framework applicable to longer-term refinancing operations and/or any national measures implementing it at national level, this Decision shall prevail.