PRESS RELEASE

Allotment amount of the longer-term refinancing operations in the year 2005

14 January 2005

The Governing Council has decided to increase the allotment amount for each of the longer-term refinancing operations to be conducted in the year 2005 from EUR 25 billion to EUR 30 billion.

This increased amount takes into consideration the higher liquidity needs of the euro area banking system anticipated in 2005. The Eurosystem will however continue to provide the bulk of liquidity through its main refinancing operations.

The Governing Council may decide to adjust the allotment amount again at the beginning of 2006.

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