this week 's higher net figure is due to lower use of the deposit facility .

1.6 The minimum reserve system The average level of reserve requirements of credit institutions in the euro area amounted to Euros 111.8 billion in 2000 .

The increased use of the marginal lending facility was related to the above mentioned failure of one TARGET component on 29 January 1999 .

The same also applies , albeit to a lesser extent , to the use of the marginal lending facility , with the average use over the last three business days being 5 times higher than on other days of the maintenance periods .

The marginal lending facility The deposit facility

For the partially sighted , different dominant colours for each denomination and large numerals in bold print allow the banknotes to be recognised more easily . IRIDESCENT STRIPE When tilted under a bright light , it shines and slightly changes colour .

4.1 The marginal lending facility 4.2 The deposit facility

Creative solutions will promote rapidity of payments , convenience of use and new functionalities for the e society of the 21st century .

Deposit facility

Overnight deposits at a pre specified interest rate ( standing facility )

The marginal lending facility

The marginal lending facility The deposit facility 21 21 22

Standing facilities marginal lending facility deposit facility 10 10

Deposit facility

Deposit facility 2.3 .

THE DEPOSIT FACILITY

Outright purchases Standing facilities Marginal lending facility Deposit facility

Standing facilities The marginal lending facility The deposit facility 19 19 20

Standing facilities The marginal lending facility The deposit facility 18 18 19

Eurosystem 's foreign exchange liquidity position this comprises the Eurosystem 's foreign reserve assets and the Eurosystem 's other foreign currency claims and liabilities , including positions vis à vis euro area residents such as , for instance , foreign exchange deposits placed with banking institutions resident in the euro area .

THE DEPOSIT FACILITY

Deposit facility 2.3 .

Outright purchases Standing facilities Marginal lending facility Deposit facility Reverse transactions

Standing facilities Marginal lending facility Deposit facility Reverse transactions

Marginal lending facility

Marginal facility lending

The marginal lending facility

Overnight liquidity facility at a prespecified interest rate against eligible assets ( standing facility )

Clear Usage Data

Cross border use of collateral

Standing facilities marginal lending facility deposit facility 10 23 December 11.6 10

Overnight liquidity facility at a pre specified interest rate against eligible assets ( standing facility )

Overnight liquidity facility at a prespecified interest rate against eligible assets ( standing facility )

It should be noted that the national central banks of those Member States which have not adopted the single currency in accordance with the Treaty retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the monetary policy of the Eurosystem . 82

It should be noted that national central banks of Member States which have not adopted the single currency in accordance with the Treaty retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the monetary policy of the Eurosystem .

The ECB is governed by the Governing Council and the Executive Board , and , as a third decision making body , by the General Council . European Monetary Institute ( EMI ) a temporary institution established at the start of Stage Two of Economic and Monetary Union on 1 January 1994 .

European Council provides the European Union with the necessary impetus for its development and defines the general political guidelines thereof . It brings together the Heads of State or Government of the Member States and the President of the European Commission ( see also EU Council ) .

It ensures that the tasks conferred upon the Eurosystem and the ESCB are implemented either through its own activities or through those of the NCBs , pursuant to the Statute of the ESCB . The ECB is governed by the Governing Council and the Executive Board , and , as a third decision making body , by the General Council .

It should be noted that the national central banks of those Member States which have not adopted the single currency in accordance with the Treaty retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the monetary policy of the Eurosystem .

Deposit facility Overnight deposits at a pre specified interest rate ( standing facility )

The interest rate on the marginal lending facility normally provides a ceiling for the overnight market interest rate .

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It brings together the Heads of State or Government of the Member States and the President of the European Commission ( see also EU Council ) .

Its departments , called Directorates General , are responsible for the implementation of common policies and general administration in a specific area .

Chapter 4 Standing facilities 4.1 The marginal lending facility 4.2 The deposit facility 21 22