PRESS RELEASE

Allotment amount of the longer-term refinancing operations in the second half of 2002

10 July 2002

The Governing Council of the ECB has decided to reduce the allotment amount for each of the longer-term refinancing operations to be conducted in the second half of 2002 from EUR 20 billion to EUR 15 billion.

This latter amount takes into consideration the expected liquidity needs of the euro area banking system in the second half of 2002 and reflects the desire of the Eurosystem to continue to provide the bulk of liquidity through its main refinancing operations.

The Governing Council may decide to adjust the allotment amount at the beginning of next year.

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