PRESS RELEASE

Renewal of the supplementary three-month longer-term refinancing operations of 21 May and 11 June 2008

31 July 2008

The Governing Council decided today to renew the two outstanding three‑month supplementary longer-term refinancing operations (LTROs) that were allotted on 21 May 2008 (EUR 50 billion) and on 11 June 2008 (EUR 50 billion) and that will mature on 14 August 2008 and on 11 September 2008, respectively.

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

  • The two supplementary LTROs will be carried out through variable rate tenders, each with a preset amount of EUR 50 billion. The first operation will be settled on 14 August 2008 and will mature on Thursday, 13 November 2008. The second operation will be settled on 11 September 2008 and will mature on Thursday, 11 December 2008.
  • The two supplementary LTROs will be carried out through a standard tender procedure with their announcement and allotment taking place two days and one day, respectively, before settlement.

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