In this paper I estimate the impact of Targeted Longer-Term Refinancing Operations (TLTRO) on the evolution of lending amounts and rates in Slovenia, with a specific focus on distinct effects of TLTRO-I and II. I use a combination of difference-in-differences and instrumental variable approach, which together with detail credit register data enable the identification of supply side effects of the TLTRO policy. The results show a supporting impact of targeted operations on bank loan supply, resulting in higher credit growth and lower rates. I find that the TLTRO-I was supportive through both the quantity and price channels, whereas the TLTRO-II only shows a significant impact on the credit amount. Further, I find the transmission of TLTRO-I was higher through better capitalized banks, whereas both policy waves supported lending to safe and stable firms with higher credit ratings.

在本文中，我估计了定向长期再融资操作 (TLTRO) 对斯洛文尼亚贷款金额和利率演变的影响，特别关注 TLTRO-I 和 II 的不同影响。我结合使用了双重差分法和工具变量法，结合详细的信用登记数据，能够识别 TLTRO 政策的供给副作用。结果显示，定向操作对银行贷款供应产生了支持性影响，导致信贷增长加快和利率下降。我发现 TLTRO-I 通过数量和价格渠道提供支持，而 TLTRO-II 仅对信贷金额产生显着影响。此外，我发现通过资本充足的银行，TLTRO-I 的传导率更高，而两次政策浪潮都支持向信用评级较高的安全稳定的企业提供贷款。