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TLTRO III has effectively protected bank-based transmission of the ECB's during the coronavirus pandemic, with no evidence thus far of substantial side effects or dilution of the stimulus coming from TLTROs, an article published ahead of the ECB's latest Economic Bulletin claims.

MNI reported that a new round of pandemic-related TLTROs would form a key part of the ECB's Covid toolbox on February 25, 2020. TLTRO III was announced on March 7 that year.