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Standing facilities

Introduction

The Eurosystem offers credit institutions two standing facilities:

Marginal lending facility in order to obtain overnight liquidity from the central bank, against the presentation of sufficient eligible assets;
Deposit facility in order to make overnight deposits with the central bank.

General information
Data
Related publications

General information

Availability

Both facilities are available to eligible counterparties on their own initiative, subject to their fulfilment of certain operational access conditions.

Terms and conditions

The time limit to request access to the standing facilities is half an hour after the close of TARGET2, except on the last working day of the reserve maintenance period, when the time limit is an hour.

The standing facilities are administered in a decentralised manner by the national central banks. The terms and conditions of use of the standing facilities are identical throughout the euro area.

Rates corridor

The interest rates on the marginal lending and deposit facilities normally provide a ceiling and a floor for the overnight market interest rate. back to top

Data

Standing facilities rates (Effective from 14 December 2011)
Marginal lending facility rate:	1.75 %
Deposit facility rate:	0.25 %

Past key ECB interest rates

Use of the standing facilities (Figures as at 21 May 2012, EUR millions)
Use of the marginal lending facility:	1,216
Use of the deposit facility:	768,250

Historical data on daily liquidity conditions
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Related publications

General Documentation on Eurosystem monetary policy instruments and procedures, 1.1 MB, cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . sk . sl . sv .
See also the amendments set out in Guideline ECB/2007/10, en
Counterparties, Chapter 2 of the General Documentation, 1.1 MB, en
Standing facilities, Chapter 4 of the General Documentation, 1.1 MB, en

ECB Monthly Bulletin articles:

The liquidity management of the ECB, Section 5. ECB Monthly Bulletin. May 2002, 1.3 MB, en

ECB Working Paper series:

Sporadic manipulation in money markets with central bank standing facilities, WP No. 399, October 2004, 983 kB, en

TARGET2 section
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Calendar

Indicative calendar for the Eurosystem's tender operations
Indicative calendar of reserve maintenance periods