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

LTROs - 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. Three-year LTROs

TLTROs - The targeted longer-term refinancing operations (TLTROs) are Eurosystem operations that provide financing to credit institutions for periods of up to four years. They offer long-term funding at attractive conditions to banks in order to further ease private sector credit conditions and stimulate bank lending to the real economy. TLTROs - Targeted longer-term refinancing operations

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

Summary of the "ad hoc" communications related to monetary policy implementation

EURO operations
Ref.TypeSettlement dateMaturity dateDaysAllotted amount
20160075MRO27/07/201603/08/2016749.59 bn
20160076LTRO28/07/201627/10/2016917.01 bn
20160067LTRO30/06/201629/09/2016917.73 bn
20160063LTRO29/06/201626/09/20188196.72 bn
20160065LTRO29/06/201624/06/20201456399.29 bn
20160047LTRO26/05/201601/09/2016986.27 bn
20160026LTRO30/03/201626/09/20189107.34 bn
20150125LTRO16/12/201526/09/2018101518.3 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
20160077USD28/07/201604/08/201670.8 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 22 Jul. 2016 17,465 mn
Securities market programme 22 Jul. 2016 109,796 mn
Covered bond purchase programme 2 22 Jul. 2016 7,572 mn
Covered bond purchase programme 3 22 Jul. 2016 186,041 mn
Asset-backed securities purchase programme 22 Jul. 2016 20,290 mn
Public sector purchase programme 22 Jul. 2016 928,407 mn
Corporate sector purchase programme 22 Jul. 2016 11,849 mn
* At amortised cost
See Asset purchases programmes for more information