Minimum reserves and liquidity

Data on daily liquidity conditions*

Forecasts of autonomous liquidity factors **

Benchmark allotment **

(*) The data file for the current year is updated daily.
(**) The data files for the current year are updated weekly, on the first business day after the settlement of the latest main refinancing operation.

Minimum reserves and liquidity statistics
All minimum reserves time series

Annual and quarterly observations refer to averages of the last reserve maintenance period of the year/quarter. Until December 2003, the maintenance periods started on the 24th calendar day of a month and ran to the 23rd of the following month. On 23 January 2003 the ECB announced changes to the operational framework, which were implemented on 10 March 2004. As a result of these changes, maintenance periods start on the settlement day of the main refinancing operation (MRO) following the Governing Council meeting at which the monthly assessment of the monetary policy stance is scheduled. A transitional maintenance period has been defined to cover the period from 24 January to 9 March 2004.

Three datasets containing information on the historical liquidity conditions in the euro area (i.e. the Eurosystem's supply of and the credit institution's demand for liquidity in euro) can be downloaded by clicking on the relevant year in the tables above. These data may be of use to treasurers, money market analysts and researchers.

Data on daily liquidity conditions

These data contain ex post data (in EUR millions) on volumes of: 1) open market operations; 2) recourse to the marginal lending facility; 3) use of the deposit facility; 4) autonomous liquidity factors; 5) current account holdings; and 6) reserve requirements. For further details on each of these categories, please see the sections Monetary Policy > Instruments and Monetary Policy > Liquidity analysis.

The frequency of data is daily (observations for each calendar day). Time span: from 1 January 1999 to the previous business day.

Forecasts of autonomous liquidity factors

These data contain forecasts (in EUR billions) of average autonomous liquidity factors published by the ECB. Actual (ex post) values can be found by calculating averages of the fourth entry in the dataset on the daily liquidity conditions. For more details, see the section Monetary Policy > Liquidity analysis.

The forecasts are expressed as daily averages. The frequency of data is weekly (the ECB publishes a forecast each time a main refinancing operation is announced and updates it when the operation is alloted). Time span: from 24 June 2000 (i.e. when the ECB started to publish forecasts of autonomous liquidity factors) to the allotment day of the latest main refinancing operation.

Benchmark allotment

These data contain benchmark allotment amount (in EUR billions) which is the allotment amount in the main refinancing operations that allows counterparties to smoothly fulfil their reserve requirements, taking into account the expected liquidity supply through other open market operations and the ECB's forecast of autonomous factors and excess reserves.

The frequency of data is weekly (the ECB publishes the benchmark allotment each time a main refinancing operation is announced and updates it when the operation is allotted). Time span: from 08 March 2004 (i.e. when the ECB started to publish the benchmark allotment) to the allotment day of the latest main refinancing operation.