What is Targeted longer-term refinancing operations (TLTROs)?

https://www.ecb.europa.eu/mopo/implement/omo/tltro/html/index.en.html

TLTRO is basically a quantitative easing policy.

The 1st TLTRO started in June 2014 and ended in June 2018.  After the 1st TLTRO ended, the stock markets fared badly at the end of 2018.  Therefore, we could see that TLTRO had a great impact on the stock markets.

The 2nd TLTRO started in March 2016 and would end in March 2020.  After seeing the repercussion for the end of the 1st TLTRO, the ECB has decided to launch a 3rd TLTRO to prevent a repeat of the previous outcome for the end of the 2nd TLTRO.

Why? This is because the 2nd TLTRO is much bigger than the first one.

https://www.reuters.com/article/us-ecb-policy-explainer/explainer-what-is-the-fuss-about-european-central-bank-tltro-loans-idUSKCN1QL1HP

The total outstanding credit amount stood at EUR$761b as at end March 2017.