
Article 1 
Decision (EU) 2019/1311 (ECB/2019/21) is amended as follows:

((1)) Article 4 is amended as follows:

((a)) paragraph 2 is replaced by the following:
'
2. Each participant’s borrowing allowance shall equal 50 % of its total reference outstanding amount, less any amount previously borrowed by that TLTRO-III participant under TLTROs‐II pursuant to Decision (EU) 2016/810 (ECB/2016/10) and still outstanding on the settlement date of a TLTRO-III having regard to any legally binding notification for early repayment submitted by the participant in accordance with Article 6 of Decision (EU) 2016/810 (ECB/2016/10). The relevant technical calculations are outlined in Annex I.';
((b)) paragraph 4 is replaced by the following:
'
4. Each participant’s bid limit for each TLTRO-III shall be equal to its borrowing allowance reduced by the amounts borrowed under previous TLTROs-III. This amount shall be considered to represent a maximum bid limit for each participant and the rules applicable to bids exceeding the maximum bid limit, as laid down in Article 36 of Guideline (EU) 2015/510 (ECB/2014/60), shall apply. The relevant technical calculations are outlined in Annex I.';
((2)) in Article 5a, paragraph 1 is replaced by the following:
'
1. From September 2021, starting 12 months after the settlement of each TLTRO-III, participants shall, on a quarterly basis, have the option of terminating or reducing the amount of TLTRO-III concerned before maturity.';
((3)) in Annex I, Section 1, the third paragraph is replaced by the following:
'The borrowing allowance equals 50 % of the reference outstanding amount relating to the participant minus the amounts borrowed by the participant in the targeted longer-term refinancing operations pursuant to Decision (EU) 2016/810 (ECB/2016/10) (TLTROs-II) and still outstanding at the settlement date of the respective TLTRO-III, or zero if such amount is negative, i.e.: for k = 1,…,7.';
((4)) in Annex I, Section 1, the fifth paragraph is replaced by the following:
'The bid limit applicable to each participant in each TLTRO-III is its borrowing allowance BAk less the amounts borrowed under previous TLTROs-III. Let  be the borrowing of a participant in TLTRO-III k, then  where BLk is the bid limit for this participant in operation k that is defined as follows:for k = 2,…,7.'.
Article 2 
This Decision shall enter into force on 17 March 2020.
Done at Frankfurt am Main, 16 March 2020.
For the Governing Council of the ECB
The President of the ECB
Christine LAGARDE