Purchase date the date on which the sale of purchased assets by the seller to the buyer becomes effective .

Quick tender the tender procedure used by the Eurosystem for fine tuning operations when it is deemed desirable to have a rapid impact on the liquidity situation in the market .

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 have a maturity of two weeks . Maintenance period the period over which credit institutions compliance with reserve requirements is calculated .

Pooling system a system for central banks collateral management where the counterparties provide a pool of assets to serve as collateral in their transactions with the central bank .

As for the instruments used , reverse transactions are the main open market instrument of the Eurosystem and can be employed in all four categories of operations .

Non financial corporations one of the institutional sectors in the European System of Accounts 1995 ( ESA 95 ) .

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

National central bank ( NCB ) as used in this document , a central bank of an EU Member State which has adopted the single currency in accordance with the Treaty .

Outright transaction a transaction whereby assets are bought or sold up to their maturity ( spot or forward ) .

Outright transaction a transaction whereby assets are bought or sold up to their maturity ( spot or forward ) .

ECBc The implementation of monetary policy in the euro area February 2005 ANNEX 2 Outright transaction a transaction whereby assets are bought or sold up to their maturity ( spot or forward ) .

The European Central Bank publishes a calendar of the reserve maintenance periods at least three months before the start of the year . Marginal lending facility a standing facility of the Eurosystem which counterparties may use to receive overnight credit from an NCB at a pre specified interest rate against eligible assets ( see also key ECB interest rates ) .

MFIs ( monetary financial institutions ) financial institutions which together form the moneyissuing sector of the euro area .

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

Market risk the risk of losses ( in both on and off balance sheet positions ) arising from movements in market prices .

Initially he was recruited to the U.S. under a program called Operation Overcast, subsequently known as Operation Paperclip.

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M7 Quick tender the tender procedure used by the Eurosystem for fine tuning operations when it is deemed desirable to have a rapid impact on the liquidity situation in the market .

A class of languages is closed under a particular operation when the operation, applied to languages in the class, always produces a language in the same class again.

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Euro area the area encompassing those Member States in which the euro has been adopted as the single currency in accordance with the Treaty and in which a single monetary policy is conducted under the responsibility of the relevant decision making bodies of the ECB . The euro area comprises Belgium , Germany , Spain , France , Ireland , Italy , Luxembourg , the Netherlands , Austria , Portugal and Finland .

The maintenance period begins on the settlement day of the first main refinancing operation following the meeting of the Governing Council at which the monthly assessment of the monetary policy stance is pre scheduled .

The interest rate on a reverse transaction in the form of a collateralised loan is determined by applying the specified interest rate on the credit amount over the maturity of the operation .

Longer term refinancing operation a regular open market operation executed by the Eurosystem in the form of a reverse transaction . Longer term refinancing operations are executed through monthly standard tenders and have a maturity of three months .

The interest rate on a reverse transaction in the form of a collateralised loan is determined by applying the specified interest rate on the credit amount over the maturity of the operation .

Longer term refinancing operation a credit operation with a maturity of more than one week that is executed by the Eurosystem in the form of reverse transactions .

By contrast with an earmarking system , the underlying assets are not earmarked for individual transactions in a pooling system . Post fixed coupon a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index at a certain date ( certain dates ) during the coupon accrual period .

The interest rate on a reverse transaction in the form of a collateralised loan is determined by applying the specified interest rate on the credit amount over the maturity of the operation .

The interest rate on a reverse transaction in the form of a collateralised loan is determined by applying the specified interest rate on the credit amount over the maturity of the operation .

Open market operation an operation executed on the initiative of the central bank in the financial market . With regard to their aims , regularity and procedures , Eurosystem open market operations can be divided into four categories main refinancing operations , longer term refinancing operations , fine tuning operations and structural operations .

Purchase price the price at which purchased assets are sold or are to be sold to the buyer by the seller . Quick tender the tender procedure used by the Eurosystem for fine tuning operations when it is deemed desirable to have a rapid impact on the liquidity situation in the market .

M2 an intermediate monetary aggregate that comprises M1 plus deposits redeemable at a period of notice of up to and including three months ( i.e. short term savings deposits ) and deposits with an agreed maturity of up to and including two years ( i.e. short term time deposits ) held with MFIs and central government .

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( b ) In addition , the insert name of CB may notify participants of any other existing or anticipated event which has the potential to affect the normal operation of TARGET2 .

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In response, the Iranian military launched its counter attack, Operation Mersad, under Lieutenant General Ali Sayyad Shirazi.

See also European Council . Euro the name of the European currency adopted by the European Council at its meeting in Madrid on 15 and 16 December 1995 and used instead of the generic term ECU employed in the Treaty .

Operation Mersad and end of the war Operation Mersad ( ambush ) was the last major military operation of the war.

Table 2 Normal trade days for the main and the longer term refinancing operations Type of operation Normal trade day ( T )

Outright transaction a transaction where the central bank buys or sells assets outright in the market ( spot or forward ) .