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PRESS RELEASE

Renewal of the supplementary longer-term refinancing operations of 23 November 2007 and 12 December 2007

7 February 2008

The Governing Council today decided to renew the two supplementary longer-term refinancing operations (LTROs) that were allotted on 23 November 2007 (EUR 60 billion) and on 12 December 2007 (EUR 60 billion) and which will mature on 21 February 2008 and on 13 March 2008, respectively.

The renewal of these two supplementary LTROs is aimed at further consolidating the progress achieved so far in the normalisation of the euro money market. The renewal will be carried out as follows and will not affect the regular LTROs:

  • The two supplementary LTROs will be carried out through variable rate tenders, each with a preset amount of EUR 60 billion. The first operation will be settled on 21 February 2008 and will mature on Thursday, 22 May 2008. The second operation will be settled on 13 March 2008 and will mature on Thursday, 12 June 2008.
  • The two supplementary LTROs will be carried out through a standard tender procedure with announcement and allotment taking place two days and one day, respectively, before settlement.

Monetary policy implementation

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