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

PEPP - On 18 March 2020, the ECB’s Governing Council announced a new pandemic emergency purchase programme with an envelope of €750 billion, to last until the end of 2020. The temporary programme was designed as a response to the coronavirus emergency to address the unprecedented situation faced by our monetary union. PEPP - Pandemic emergency purchase programme

"Ad hoc" communications related to monetary policy implementation

Euro operations
Ref.TypeSettlement dateMaturity dateDaysAllotted amountOutstanding amount
20200043MRO01/04/202008/04/202070.44 bn0.44 bn
20200042LTRO01/04/202024/06/20208443.71 bn43.71 bn
20200036LTRO26/03/202025/06/2020910.62 bn0.62 bn
20200029LTRO25/03/202029/03/20231099114.98 bn114.98 bn
20200034LTRO25/03/202024/06/20209179.67 bn79.67 bn
20200027LTRO18/03/202024/06/202098109.13 bn109.13 bn
20200017LTRO27/02/202028/05/2020910.81 bn0.81 bn
20200008LTRO30/01/202030/04/2020910.55 bn0.55 bn
20190129LTRO18/12/201921/12/2022109997.72 bn97.72 bn
20190097LTRO25/09/201928/09/202210993.4 bn3.4 bn
20170028LTRO29/03/201724/03/20211456233.47 bn192.16 bn
20160133LTRO21/12/201616/12/2020145662.16 bn41.46 bn
20160103LTRO28/09/201630/09/2020146345.27 bn27.4 bn
20160065LTRO29/06/201624/06/20201456399.29 bn157.13 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
20200048USD06/04/202014/04/202080.17 bn
20200047USD03/04/202009/04/202060.93 bn
20200045USD02/04/202009/04/202076.85 bn
20200046USD02/04/202025/06/20208416.47 bn
20200044USD01/04/202008/04/202072.95 bn
20200041USD31/03/202007/04/202076.65 bn
20200040USD30/03/202006/04/202072.17 bn
20200038USD26/03/202018/06/20208427.81 bn
20200031USD19/03/202011/06/20208475.82 bn
Euro outright operations - Reference date: 2020-03-27
Instrument Outstanding amount1 (EUR millions)
Covered bonds purchase programme 1,088
Securities markets programme 41,027
Covered bonds purchase programme 2 2,911
Covered bonds purchase programme 3 274,841
Asset-backed securities purchase programme 31,130
Public sector purchase programme 2,168,571
Corporate sector purchase programme 201,450
Pandemic emergency purchase programme 0
1 At amortised cost
See Asset purchases programmes for more information


Please refer to the ad hoc communications for the latest information on schedules.

Tender procedures

Main refinancing operations


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