Isn't Draghi right here, that LTRO money could actually end up in real investment?

It's not really the LTRO money. The key here is 8 December 2011 - ECB announces measures to support bank lending and money market activity

The NCBs are allowed, as a temporary solution, to accept as collateral for Eurosystem credit operations additional performing credit claims that satisfy specific eligibility criteria. The responsibility entailed in the acceptance of such credit claims will be borne by the NCB authorising their use. Details of the criteria for the use of credit claims will be announced in due course.

I.e., banks could potentially give loans and use those loans as collateral for liquidity directly with their national central bank, not just at the LTROs but at the weekly liquidity auctions.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman