He fears that banks will use freed liquidity to buy government bonds as he explained in an interview with the financial daily "Handelsblatt": "Where government bonds have high yields as in Italy this could be attractive".
The new long-term loans will be launched in September 2019 and will end in March 2021. It is already the third program of this kind of non-standard measures. TLTRO2 will end in mid-2020.
Handelsblatt: "Streit um die neuen EZB-Langfristkredite für Banken" (Paid Content)