US dollar liquidity-providing operations

7 October 2008

In response to continued strains in short-term funding markets, central banks recently announced coordinated actions to expand the provision of US dollar liquidity.

Today, the central banks are announcing schedules for term and forward auctions of US dollar liquidity during the fourth quarter of this year. These schedules include dates of any 28-day and 84-day term auctions and two preliminary dates for any forward auctions of US dollar liquidity over year-end. Scheduling of the forward auctions is still tentative and may be adjusted in response to financial market conditions.

The Eurosystem intends to apply the following schedules.

Schedule for 28- and 84-day Term Auctions of US Dollar Liquidity
Fourth Quarter 2008

Auction Date Term Settlement Date Maturity Date
6 October 2008 85 days(1) 9 October 2008 2 January 2009
20 October 2008 28 days 23 October 2008 20 November 2008
3 November 2008 84 days 6 November 2008 29 January 2009
17 November 2008 28 days 20 November 2008 18 December 2008
1 December 2008 84 days 4 December 2008 26 February 2009
15 December 2008 28 days 18 December 2008 15 January 2009
29 December 2008 83 days(1) 2 January 2009 26 March 2009

(1) Term modified because of holiday.

Preliminary Schedule for Forward Auctions of US Dollar Liquidity

Auction Date Term Settlement Date Maturity Date
10 November 2008 17 days 22 December 2008 8 January 2009
24 November 2008 13 days 23 December 2008 5 January 2009

While retaining flexibility to react to changing market conditions, the Eurosystem intends to offer between USD 40 and 50 billion in overnight operations, USD 40 billion in 28-day operations, USD 20 billion in each one of the 84-day operations and USD 20 billion in each one of the forward US dollar operations.

The amounts offered in each operation may change, and other operations may be conducted, if deemed necessary in view of market developments.

Moreover, as from Wednesday, 8 October 2008, the Eurosystem will apply a multiple rate auction method (American auction) in its overnight US dollar operations. Therefore the auction method will be the same for the overnight US dollar operations and for the Eurosystem’s euro credit operations.

A tentative calendar of future Eurosystem US dollar liquidity-providing operations is available on the ECB’s web site (, page 2). It will be updated in the future as needed.

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