for a liquidity providing tender for a liquidity absorbing tender r m 1

for a liquidity providing foreign exchange swap for a liquidity absorbing foreign exchange swap

Tender allotment procedures

the type of auction ( fixed rate or variable rate tender )

Haircut see valuation haircut . In house credit assessment system ( ICAS ) a credit quality assessment source provided for in the Eurosystem credit assessment framework ( ECAF ) that currently comprises the four credit assessment systems operated by the Deutsche Bundesbank , the Banco de España , the Banque de France and the Oesterreichische Nationalbank .

the currencies involved and the currency , the amount of which is kept fixed ( in the case of foreign exchange swaps )

the maturity of the operation the type of auction ( fixed rate or variable rate tender )

the type of auction ( fixed rate or variable rate tender )

the type of auction ( fixed rate or variable rate tender )

the type of auction ( fixed rate or variable rate tender )

the type of auction ( fixed rate or variable rate tender )

Longer term refinancing operations are executed through monthly standard tenders and have a maturity of three months .

Foreign exchange swap simultaneous spot and forward transactions of one currency against another .

Tender allotment procedures 5.1.6 .

These systems are subject to a formal recognition and validation process by the national supervisors .

Longer term refinancing operation a regular open market operation executed by the Eurosystem in the form of a reverse transaction .

These systems are subject to a formal recog nition and validation process by the national supervisors .

5.1.5 Tender allotment procedures a. Fixed rate tender operations In the allotment of a fixed rate tender , the bids received from counterparties are added together .

the type of operation ( provision or absorption of liquidity and the type of monetary policy instrument to be used ) the maturity of the operation

After closing an electronic auction the ECB shall award the contract on the basis of the results of the electronic auction .

Haircut see valuation haircut .

or ( ii ) a lending operation against a pledge or in a repurchase agreement .

Main refinancing operation a regular open market operation executed by the Eurosystem in the form of a reverse transaction .

Main refinancing operations are conducted through weekly standard tenders and normally have a maturity of one week .

Main refinancing operation a regular open market operation executed by the Eurosystem in the form of a reverse transaction . Main refinancing operations are conducted through weekly standard tenders and normally have a maturity of one week .

marginal interest rate r1 rs rm for a liquidity providing tender rm rs r1 for a liquidity absorbing tender

marginal interest rate r1 rs rm for a liquidity providing tender rm ris r1 for a liquidity absorbing tender

It may be extended by central banks to even out mismatches in payment settlements and can take the form of ( i ) a collateralised overdraft or ( ii ) a lending operation against a pledge or in a repurchase agreement .

Tender procedures

the date of the tender operation

Tender announcement

The public tender result message normally contains the following information the reference number of the tender operation , the date of the tender operation , the type of operation , the maturity of the operation , the total amount bid by Eurosystem counterparties , the number of bidders , the currencies involved ( in the case of foreign exchange swaps ) , the total amount allotted , the percentage of allotment ( in the case of fixed rate tenders ) ,

Its main components were the ECU , the exchange rate and intervention mechanism ( ERM ) , very short term financing mechanisms and short and medium term credit mechanisms .

The electronic auction may take place in a number of successive phases .

Because we had this auction, you see.

2 Tender announcement

the date of the tender operation

3.30 p.m. Tender announcement

the maximum bid limit ( if any )

the date of the tender operation

EN Type of auction

Quick tenders Bilateral procedures

the date of the tender operation

the date of the tender operation

Tender procedures General considerations Tender operations calendar Announcement of tender operations Preparation and submission of bids by counterparties Tender allotment procedures