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Summary of ad hoc communication

Related to monetary policy implementation issued by the ECB (last 6 months)

Date Action Communication
18/09/2020 TLTRO voluntary repayments

In line with Decision ECB/2016/10 of 28 April 2016 as amended by Decisions ECB/2016/30 of 31 October 2016 and ECB/2019/22 of 22 July 2019, participants in the second series of TLTROs shall have, on a quarterly basis, the option of terminating or reducing their outstanding amount in these operations before maturity. Accordingly, on 30 September 2020 a total of EUR 10,894.89 million will be repaid. This amount corresponds to repayments in tenders: 20160133 of EUR 5,066.9 million by 24 counterparties and 20170028 of 5,827.99 million by 52 counterparties.

07/09/2020 TLTRO II voluntary repayments

In line with Decision ECB/2016/10 of 28 April 2016 as amended by Decisions ECB/2016/30 of 31 October 2016 and ECB/2019/22 of 22 July 2019 on measures related to targeted longer-term refinancing operations, participants in the second series of TLTROs (TLTRO-II) shall have, on a quarterly basis, the option of terminating or reducing their outstanding amount of TLTROs before maturity. In order to benefit from the early repayment procedure on 30 September 2020 (settlement date of the operation), participants of the third and fourth TLTRO-II operations (tenders 20160133 and 20170028) shall notify the relevant National Central Bank by 16 September 2020 at 17.00 CEST, at the latest, that they intend to repay under this early repayment procedure. Such a notification shall become binding on the participant by that date. Participants shall notify the repayment amount according to the operational procedures established by the relevant National Central Bank. The total repayment amount by TLTRO operations will be publicly announced on 18 September 2020 by 12.05 CEST.

12/06/2020 TLTRO voluntary repayments

In line with Decision ECB/2016/10 of 28 April 2016 as amended by Decisions ECB/2016/30 of 31 October 2016 and ECB/2019/22 of 22 July 2019, participants in the second series of TLTROs shall have, on a quarterly basis, the option of terminating or reducing their outstanding amount in these operations before maturity. Accordingly, on 24 June 2020 a total of EUR 214,016.87 million will be repaid. This amount corresponds to repayments in tenders: 20160103 of EUR 21,531.86 million by 72 counterparties, 20160133 of EUR 27,974.08 million by 66 counterparties and 20170028 of EUR 164,510.93 million by 177 counterparties.

09/06/2020 TLTRO III groups

On 9 June 2020, the Governing Council decided that the recent changes in the TLTRO III parameters – implemented via Decisions ECB/2020/13 and ECB/2020/25 – constitute objective reasons to justify a deviation from the conditions for changes in group composition set out in Article 3.2 of Decision ECB/2019/21 and to allow changes in TLTRO III group composition. TLTRO III groups may include additional credit institutions as new group members, provided that these new members have not yet participated individually in any TLTRO III operation or were not part of another recognised TLTRO III group. In order to add new group members to its TLTRO III group, a TLTRO III lead institution needs to notify this change in its group composition to the respective NCB by 17 August 2020, according to the rules set out in Decision ECB/2019/21. Any changes in the group composition will apply as of the fifth TLTRO III operation.

01/06/2020 TLTRO II voluntary repayments

In line with Decision ECB/2016/10 of 28 April 2016 as amended by Decisions ECB/2016/30 of 31 October 2016 and ECB/2019/22 of 22 July 2019 on measures related to targeted longer-term refinancing operations, participants in the second series of TLTROs (TLTRO-II) shall have, on a quarterly basis, the option of terminating or reducing their outstanding amount of TLTROs before maturity. In order to benefit from the early repayment procedure on 24 June 2020 (settlement date of the operation), participants of the second, third and fourth TLTRO-II operations (tenders 20160103, 20160133 and 20170028) shall notify the relevant National Central Bank by 10 June 2020 at 17.00 CET, at the latest, that they intend to repay under this early repayment procedure. Such a notification shall become binding on the participant by that date. Participants shall notify the repayment amount according to the operational procedures established by the relevant National Central Bank. The total repayment amount by TLTRO operations will be publicly announced on 12 June 2020 by 12.05 CET.

30/04/2020 Asset purchase programmes

The PEPP is a temporary emergency programme and it is separate from the APP. Its implementation requires a high degree of flexibility compared with the APP and its monetary policy objectives are not identical to those of the APP. The high degree of flexibility in its design and implementation and current volatile financial market conditions justify a somewhat delayed data disclosure in order to ensure the smooth implementation of the programme. In addition to its current information on PEPP purchases and holdings, the Eurosystem will provide meaningful data disclosure starting on 2 June 2020 for the period up to the end of May 2020, on its purchase activity with regard to asset categories as well as the jurisdictional composition of public sector cumulative net purchases. As for other monetary policy operations, information on the weighted average maturity of public sector holdings and the share of private assets purchased in primary and secondary markets will be released. Additional semi-annual breakdowns of the respective asset categories will be provided after a substantial portfolio build-up.

20/03/2020 Daily US dollar operations with 1-week maturity

In line with the press release of 20 March 2020 on coordinated central bank action to enhance the provision of global US dollar liquidity (see press release), the ECB will offer daily US dollar operations with 1-week maturity. These operations will commence on Monday, 23 March 2020, at 9:15 CET. Counterparties will have time until Monday, 23 March 2020, 9:45 (CET) to submit bids and the results of the operation will be published on Monday, 23 March 2020, at 10:50 (CET).