PRESS RELEASE

Conduct of a special term refinancing operation

29 September 2008

The Governing Council of the European Central Bank (ECB) decided to conduct a special term refinancing operation. The aim of this operation is to improve the overall liquidity position of the euro area banking system.

The operation will be carried out as follows:

  • It will be conducted today through a standard tender procedure, using a variable rate tender with no pre-set amount.
  • It will be settled on Tuesday, 30 September 2008 and will mature on Friday, 7 November 2008.

The ECB will continue to steer liquidity towards balanced conditions in a way which is consistent with the objective to keep very short term rates close to the minimum bid rate.

The special term refinancing operation will be renewed at least until beyond the end of the year.

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