This article evaluates the transmission through bank intermediation, bank lending and money of the ECB’s non-standard measures announced since June 2014, namely the credit easing package, focusing on the targeted longer-term refinancing operations (TLTROs), and the expanded asset purchase programme (APP), focusing on the public sector purchase programme (PSPP). The results presented suggest that these measures have significantly lowered yields in a broad set of financial market segments, with the effects generally increasing with maturity and riskiness. Both programmes have contributed to a reduction in banks’ funding costs, which has incentivised them to pass on the cost relief to final borrowers by granting more credit at better conditions. Overall, the improved credit conditions in the euro area have helped push the monetary policy accommodation through the intermediation chain to reach households and firms.