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Summary of ad hoc communication

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

Date Action Communication
08/01/2021 Two-tier system data publication

In order to enhance transparency on the functioning of the two-tier system for remunerating excess reserve holdings the ECB decided to publish relevant data aggregated at Eurosystem and at national level (based on maintenance period averages). Specifically, as of 8 January the ECB will publish data on minimum reserve requirements, current account holdings and excess reserves at national level. The Eurosystem will also provide aggregated Eurosystem and national data on the exemption allowance, a breakdown of exempted and non-exempted excess reserves as well as the unused allowance. More information on the publication of the two-tier system related data is available in the Q&A related to the two-tier system for remunerating excess reserve holdings (https://www.ecb.europa.eu/mopo/two-tier/html/two-tier_qa.en.html)

04/12/2020 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 16 December 2020 a total of EUR 5,134.61 million will be repaid. This amount corresponds to repayments in tenders: 20170028 of EUR 5,134.61 million by 31 counterparties.

23/11/2020 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 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 16 December 2020 (settlement date of the operation), participants of the fourth TLTRO-II operation (tender 20170028) shall notify the relevant National Central Bank by 02 December 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 04 December 2020 by 12.05 CET.

20/11/2020 operational announcement

The Governing Council decided to i) change the timing of the release of daily liquidity data, which will now be published by 11:30 CET rather than 9:15 CET; ii) suspend the publication of the MRO benchmark allotment amount, which is included in the publication of the MRO announcement and MRO allotment; and iii) reduce the frequency of the autonomous factor forecasts’ release from twice per week to once per week. The autonomous factor forecasts will be published on MRO announcement days together with other daily liquidity data. These technical changes are aimed at increasing operational efficiency and streamlining operational processes. The changes will apply as from 14 December 2020.

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.