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Open market operations

We use open market operations to steer interest rates, to manage the amount of liquidity in the financial system and to signal our monetary policy stance. Our regular open market operations consist of one-week liquidity-providing operations in euro (main refinancing operations, or MROs) and three-month liquidity-providing operations in euro (longer-term refinancing operations, or LTROs).

Non-regular open market operations

In recent years, the regular operations have been complemented by longer-term refinancing operations in euro with maturities of up to four years, as well as by US dollar liquidity-providing operations.

PELTROs – Pandemic emergency longer-term refinancing operations – On 30 April 2020 the ECB’s Governing Council decided to conduct a series of seven PELTROs to provide liquidity support to the euro area financial system and ensure smooth money market conditions during the pandemic. On 10 December 2020 the Governing Council decided to offer a series of four additional PELTROs in 2021 to serve as a liquidity backstop to preserve the smooth functioning of the money market.

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

APP - Asset purchases programme - While outright asset purchases have been implemented since 2009 under several programmes, the asset purchase programme was launched in October 2014 with the aim of fulfilling the ECB’s price stability mandate.

PEPP - Pandemic emergency purchase programme - On 18 March 2020 the Governing Council announced the PEPP, with an envelope of €750 billion. This was increased to €1.85 trillion in December 2020. The programme is set to last at least until the end of March 2022. It was designed as a response to the coronavirus (COVID-19) emergency to address the unprecedented situation faced by our monetary union.

"Ad hoc" communications related to monetary policy implementation
Euro tender operations
Ref.TypeSettlement dateMaturity dateDaysAllotted amountOutstanding amount
20220052MRO25/05/202201/06/202270.66 bn
20220053LTRO26/05/202201/09/2022980.04 bn
20220044LTRO28/04/202228/07/2022910.06 bn0.06 bn
20220035LTRO31/03/202230/06/2022910.08 bn0.08 bn
20210155LTRO22/12/202118/12/2024109251.97 bn51.98 bn
20210154LTRO16/12/202126/01/20234061.09 bn1.09 bn
20210123LTRO30/09/202129/09/20223641.34 bn1.34 bn
20210119LTRO29/09/202125/09/2024109297.57 bn97.49 bn
20210078LTRO24/06/202126/06/20241098109.83 bn109.57 bn
20210081LTRO24/06/202130/06/20223710.52 bn0.52 bn
20210034LTRO24/03/202127/03/20241099330.5 bn328.7 bn
20200248LTRO16/12/202020/12/2023109950.41 bn49.26 bn
20200207LTRO30/09/202027/09/20231092174.46 bn161.64 bn
20200131LTRO24/06/202028/06/202310991308.43 bn1216.06 bn
20200029LTRO25/03/202029/03/20231099114.98 bn95.18 bn
20190129LTRO18/12/201921/12/2022109997.72 bn83.9 bn
20190097LTRO25/09/201928/09/202210993.4 bn1.96 bn
1) MRO = Main Refinancing Operations, LTRO = Long Term Refinancing Operations, OT = other type of operation
Non-euro tender operations
Ref.Curr.Settlement dateMaturity dateDaysAllotted amount
20220054USD27/05/202201/06/202250.19 bn
20220051USD19/05/202227/05/202280.21 bn
Euro outright operations - Reference date: 2022-05-20
Instrument Outstanding amount1 (EUR millions)
Covered bonds purchase programme 14
Securities markets programme 3,349
Covered bonds purchase programme 2 762
Covered bonds purchase programme 3 299,121
Asset-backed securities purchase programme 26,962
Public sector purchase programme 2,581,078
Corporate sector purchase programme 339,950
Pandemic emergency purchase programme 1,698,204
1 At amortised cost
See Asset purchases programmes for more information

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