Open market operations

The Eurosystem’s regular open market operations consist of one-week liquidity-providing operations in euro (main refinancing operations, or MROs) as well as three-month liquidity-providing operations in euro (longer-term refinancing operations, or LTROs).

MROs serve to steer short-term interest rates, to manage the liquidity situation and to signal the monetary policy stance in the euro area, while LTROs provide additional, longer-term refinancing to the financial sector.

Non-standard monetary policy measures

LTROs - In recent years, the regular operations have been complemented by two liquidity-providing long-term refinancing operations in euro with a three-year maturity (maturing on 29 January 2015 and on 26 February 2015), as well as by US dollar liquidity-providing operations. Three-year LTROs

TLTROs - The targeted longer-term refinancing operations (TLTROs) are Eurosystem operations that provide financing to credit institutions for periods of up to four years. They offer long-term funding at attractive conditions to banks in order to further ease private sector credit conditions and stimulate bank lending to the real economy. TLTROs - Targeted longer-term refinancing operations

APP - In addition and since 2009, several programs of outright asset purchases have been implemented with the objective of sustaining growth across the euro area and in consistency with the aim of achieving inflation rates below, but close to, 2% over the medium term. APP - Asset purchases programme

"Ad hoc" communications related to monetary policy implementation

Euro operations
Ref.TypeSettlement dateMaturity dateDaysAllotted amountOutstanding amount
20200005MRO22/01/202029/01/202070.97 bn0.97 bn
20190132LTRO19/12/201926/03/2020982.28 bn2.28 bn
20190129LTRO18/12/201921/12/2022109997.72 bn97.72 bn
20190120LTRO28/11/201927/02/2020911.42 bn1.42 bn
20190111LTRO31/10/201930/01/2020910.59 bn0.59 bn
20190097LTRO25/09/201928/09/202210993.4 bn3.4 bn
20170028LTRO29/03/201724/03/20211456233.47 bn208.07 bn
20160133LTRO21/12/201616/12/2020145662.16 bn48.19 bn
20160103LTRO28/09/201630/09/2020146345.27 bn31.81 bn
20160065LTRO29/06/201624/06/20201456399.29 bn222.69 bn
1) MRO = Main Refinancing Operations, LTRO = Long Term Refinancing Operations, OT = other type of operation
Non-euro operations
Ref.Curr.Settlement dateMaturity dateDaysAllotted amount
20200006USD23/01/202030/01/202070.05 bn
Euro outright operations - Reference date: 2020-01-17
Instrument Outstanding amount1 (EUR millions)
Covered bond purchase programme 1,715
Securities market programme 47,908
Covered bond purchase programme 2 2,911
Covered bond purchase programme 3 265,013
Asset-backed securities purchase programme 28,565
Public sector purchase programme 2,108,225
Corporate sector purchase programme 187,069
1 At amortised cost
See Asset purchases programmes for more information


Tender procedures

Main refinancing operations


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