PRESS RELEASE

Allotment amount of the longer-term refinancing operations in the year 2003

23 January 2003

Further to the press release of 10 July 2002, the Governing Council has decided to maintain at EUR 15 billion the allotment amount for each of the longer-term refinancing operations to be conducted in the year 2003.

This amount takes into consideration the expected liquidity needs of the euro area banking system in 2003 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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