Longer term refinancing operations

The term is used to designate the infrastructures and the procedures which link domestic RTGS systems in order to process cross border payments within TARGET . Large value payments payments , generally of very large amounts , which are mainly exchanged between banks or between participants in the financial markets and usually require urgent and timely settlement .

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations

Main refinancing operations are executed through standard tenders .

Reverse transactions Outright transactions Issuance of debt certificates Foreign exchange swaps Collection of fixed term deposits 1

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions Two weeks Weekly Standard tenders

The time of settlement of the main and the longer term refinancing operations normally coincides with the time of reimbursement of a previous operation of corresponding maturity .

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions Reverse transactions Foreign exchange swaps One week Three months Weekly Monthly Standard tenders Standard tenders

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions One week Three months Weekly Monthly Standard tenders Standard tenders

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions One week Weekly Standard tenders

Open market operations Main refinancing Reverse operations transactions Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions Foreign exchange swaps One week Three months Weekly Monthly Standard tenders Standard tenders

These operations are executed by the national central banks on the basis of standard tenders .

Reverse transactions Collection of fixed term deposits Foreign exchange swaps

They can be executed on the basis of standard tenders , quick CHAPTER 1 Overview of the monetary policy framework

Eurosystem monetary policy operations Normal trade days for the main and the longer term refinancing operations Normal settlement dates for Eurosystem open market operations Eligible assets for Eurosystem monetary policy operations 10 23 31 36

Tables 1 2 3 4 ESCB monetary policy operations Normal trade days for the main and the longer term refinancing operations Normal settlement dates for ESCB open market operations Eligible assets for ESCB monetary policy operations 8 27 37 43

Settlement date for operations based on standard tenders T 1 ( 2 )

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However , they are normally conducted and settled only on days which are NCB business days 4 in all Member States . FINE TUNING OPERATIONS Fine tuning operations are not executed according to any pre specified calendar .

STRUCTURAL OPERATIONS Structural operations through standard tenders are not executed according to any pre specified calendar .

STRUCTURAL OPERATIONS Structural operations through standard tenders are not executed according to any pre specified calendar .

They can be executed on the basis of standard tenders , quick tenders or bilateral procedures .

and participate in Eurosystem open market operations that are based on standard tenders .

and participate in Eurosystem open market operations that are based on standard tenders .

Normal trade days for the main and the longer term refinancing operations Type of operation Main refinancing operations Longer term refinancing operations

Normal trade days for the main and the longer term refinancing operations Type of operation Main refinancing operations Longer term refinancing operations

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

Tables 1 2 3 4 Eurosystem monetary policy operations Normal trade days for the main and the longer term refinancing operations Normal settlement dates for Eurosystem open market operations Eligible assets for Eurosystem monetary policy operations 7 28 35 41

Tables 1 2 3 4 Eurosystem monetary policy operations Normal trade days for the main and the longer term refinancing operations Normal settlement dates for Eurosystem open market operations Eligible assets for Eurosystem monetary policy operations 7 28 35 41

( b ) S t r u c t u r a l o p e r a t i o n s Structural operations through standard tenders are not executed according to any pre specified calendar .

Structural operations Structural operations through standard tenders are not executed according to any pre specified calendar .

The normal trade days for the main and the longer term refinancing operations are specified in Table 2 .

Official Journal of the European Communities TABLE 3 Normal settlement dates for Eurosystem open market operations ( 1 ) Settlement date for operations based on standard tenders Settlement date for operations based on quick tenders or bilateral procedures

They can be executed on the basis of standard tenders , quick tenders or bilateral procedures .

They can be executed on the basis of standard tenders , quick tenders or bilateral procedures ( 5 ) .

They can be executed on the basis of standard tenders , quick tenders or bilateral procedures ( 4 ) .

They can be executed on the basis of standard tenders , quick tenders or bilateral procedures .

Standard tenders Standard tenders

2,454 credit institutions could participate in open market operations based on standard tenders .

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They can be executed on the basis of standard tenders , quick tenders or bilateral procedures ( ) .

The normal trade days for the main and the longer term refinancing operations are specified in Table 2 .

The normal trade days for the main and the longer term refinancing operations are specified in Table 2 .

A written procedure shall require ( i ) normally not less than 10 working days for consideration by every member of the General Council .

TABLE 2 Normal trade days for the main and the longer term refinancing operations Type of operation Main refinancing operations Longer term refinancing operations Normal trade day ( T ) Each Tuesday The last Wednesday of each calendar month ( 1 )