Open market operations

The Eurosystem’s regular open market operations consist of one-week liquidity-providing operations in euro ( main refinancing operations , or MROs ) as well as three-month liquidity-providing operations in euro ( longer-term refinancing operations , or LTROs ). MROs serve to steer short-term interest rates, to manage the liquidity situation and to signal the monetary policy stance in the euro area, while LTROs provide additional, longer-term refinancing to the financial sector.

Non-standard monetary policy measures

In recent years, the regular operations have been complemented by two liquidity-providing long-term refinancing operations in euro with a three-year maturity (maturing on 29 January 2015 and on 26 February 2015), as well as by US dollar liquidity-providing operations. In addition, the ECB announced in June 2014 that it would conduct a series of targeted longer-term refinancing operations ( TLTROs ) aimed at improving bank lending to the euro area non-financial private sector, excluding loans to households for house purchase, over a window of two years.

In addition and since 2009, several programs of outright purchases have been implemented with the objective of sustaining growth across the Euro zone and in consistency with the aim of achieving inflation rates below, but close to, 2% over the medium term.

Asset purchases programmes

Summary of the "ad hoc" communications

EURO operations
Ref.TypeSettlement dateMaturity dateDaysAllotted amount
20150119LTRO26/11/201525/02/20169121.78 bn
20150109LTRO29/10/201528/01/20169118.13 bn
20150100LTRO01/10/201517/12/20157711.84 bn
20150097LTRO30/09/201526/09/2018109215.55 bn
20150065LTRO24/06/201526/09/2018119073.79 bn
20150034LTRO25/03/201526/09/2018128197.85 bn
20140242LTRO17/12/201426/09/20181379129.84 bn
20140189LTRO24/09/201426/09/2018146382.6 bn
1) MRO = Main Refinancing Operations, LTRO = Long Term Refinancing Operations, OT = other type of operation
Non-EURO operations
Ref.Curr.Settlement dateMaturity dateDaysAllotted amount
20150120USD27/11/201503/12/201560.13 bn
1) MRO = Main Refinancing Operations, LTRO = Long Term Refinancing Operations, OT = other type of operation
EURO outright operations
Instrument Reference date Outstanding amount (*)
Covered bond purchase programme 27 Nov. 2015 20,796 mn
Securities market programme 27 Nov. 2015 123,045 mn
Covered bond purchase programme 2 27 Nov. 2015 9,895 mn
Covered bond purchase programme 3 27 Nov. 2015 137,821 mn
Asset-backed securities purchase programme 27 Nov. 2015 15,199 mn
Public sector purchase programme 27 Nov. 2015 445,454 mn
* At amortised cost

Asset purchases programmes