The European Central Bank (ECB) has announced a decision to launch a new series of four targeted longer-term refinancing operations (TLTRO II).  The new operations will offer attractive long-term funding conditions to banks to further ease private sector credit conditions and to stimulate credit creation.  The new operations will be conducted from June 2016 to March 2017 at a quarterly frequency. All the new operations will have a four-year maturity, with the possibility of repayment after two years.