QE purchases programme was extended to March 2017, with the investment principal payments on securities purchased under the Asset Purchase Programme, as they mature, made the outlook for liquidity brighter with more liquidity in Euro money markets for long period.

With these measures, the central bank intends to prevent the passive liquidity tightening conditions post QE conclusion in March 2017, as in 2013-14, with early repayment of two 3-year LTROs.

The extension of fixed rate full allotment procedure at the bank's regular refinancing options such as MRO, 3M LTRO, one year before the schedule, targets to decrease any near term liquidity accidents and is in line with maintaining the liquidity conditions accomodative.

"We do not rule out a further extension (to the end of 2018) being announced later next year just to reduce any liquidity concerns and make the repayment of all TLTROs liquidity in September 2018 as smooth as possible", says Barclays in a research note.