The marginal lending facility The deposit facility

The marginal lending facility

4.1 The marginal lending facility 4.2 The deposit facility

The marginal lending facility The deposit facility 21 21 22

Deposit facility

THE DEPOSIT FACILITY

Standing facilities marginal lending facility deposit facility 10 10

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

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

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 .

Marginal lending facility

Marginal facility lending

The marginal lending facility

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

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

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

The euro area nominal effective exchange rate referred to in this Report is based on BIS calculations .

The ESCB will be exposed to equity price risk in its monetary policy operations to the extent that equities are considered to be eligible as tier two assets .

Marginal lending facility 5.6 .

Chapter 4 4 Standing facilities 22 22 23 4.1 The marginal lending facility 4.2 The deposit facility

1.4 Standing facilities There are normally two reasons for credit institutions having recourse to the standing facilities .

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 .

Deposits

Around 3,800 had access to the deposit facility , and 3,200 could access the marginal lending facility .

Standing facilities Marginal lending facility Deposit facility Reverse transactions Deposits Overnight Overnight Access at the discretion of counterparties Access at the discretion of counterparties

Recourse to the deposit facility of the Eurosystem .

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 .

Final transfer an irrevocable and unconditional transfer which effects a discharge of the obligation to make the transfer .

Foreign exchange swap simultaneous spot and forward transactions exchanging one currency against another . The Eurosystem can execute open market operations in the form

It monitors public finances within the framework of multilateral surveillance and submits reports to the Council .

The figures are a weighted average of the euro area countries effective exchange rates .

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 .

It comprises the President and the Vice President of the ECB and four other members appointed by common accord by the Heads of State or Government of the countries that have adopted the euro .