PRESS RELEASE

The allotment amount of the longer-term refinancing operations in the year 2007

22 December 2006

In yesterday’s meeting, the Governing Council decided to increase the allotment amount for each of the longer-term refinancing operations to be conducted in 2007 from EUR 40 billion to EUR 50 billion.

The liquidity needs of the euro area banking system have grown strongly in recent years and are expected to increase further in the year 2007. Therefore the Eurosystem has decided to increase slightly the share of the liquidity needs satisfied by the longer-term refinancing operations. 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 2008.

Monetary Policy

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