(8)The date when the exceptional circumstances are deemed to have started is determined on the basis of the last quarter-end before the start of monetary policy measures linked to the COVID-19 pandemic. The ECB announced easing of conditions for targeted longer-term refinancing operations (TLTRO III) on 12 March 2020 to support the continued access of firms and households to bank credit in the face of disruptions and temporary funding shortages associated with the COVID-19 pandemic. The ECB also announced a EUR 750 billion PEPP on 18 March 2020 to counter the serious risks of disruption to the monetary policy transmission mechanism and the outlook for the euro area posed by the pandemic. The date when the exceptional circumstances are deemed to have started is therefore set to 31 December 2019.