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Open market operations

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Open market operations (OMO) are our main tools for steering interest rates and managing liquidity in the euro area banking system. They also ensure that our monetary policy stance is transmitted smoothly to the economy.

What open market operations do

Open market operations allow the Eurosystem to influence the conditions at which banks borrow and lend money. They support three main aims:

  • Signal the monetary policy stance through our key interest rates;
  • Manage liquidity, ensuring that the banking system has enough funds to operate in an orderly way;
  • Steer short term interest rates so that they remain aligned with the policy stance set by the Governing Council.

Standard open market operations

Open market operations can differ in terms of aim, frequency and procedure.

Main refinancing operations (MROs)

Our regular reverse transactions that provide liquidity, usually with a frequency and duration of one week.

They are executed in a decentralised manner by the national central banks on the basis of standard tender procedures and according to an indicative calendar.

Three-month longer term refinancing operations (LTROs)

Reverse transactions that provide liquidity for a longer duration than MROs. Regular LTROs have a maturity of three months and are conducted monthly by the Eurosystem on the basis of standard tender procedures in accordance with the indicative calendar.

Non-standard open market operations

In recent years, non-standard operations have been added to our toolbox, including asset purchase programmes, longer-term refinancing operations in euro with maturities of up to four years, as well as US dollar liquidity-providing operations.

Asset purchase programme (APP)

Under the APP, we buy public and private sector securities to help maintain price stability.

Read about the APP
Targeted longer-term refinancing operations (TLTROs)

TLTROs are operations that provide long term funding to banks to preserve favourable borrowing conditions for banks and stimulate bank lending to the real economy.

Learn about TLTROs
Pandemic emergency purchase programme (PEPP)

PELTROs offered longer term funding to banks during the COVID 19 crisis. They helped preserve smooth money market conditions and supported the transmission of monetary policy.

Find out how the PEPP works
Pandemic emergency longer-term refinancing operations (PELTROs)

The PEPP was introduced to counter the economic effects of the COVID 19 crisis. It offered flexibility in market conditions and was fully discontinued at the end of 2024.

Read about PELTROs
US dollar liquidity-providing operations

They are conducted to address US dollar funding needs and support the smooth functioning of euro area financial markets.

Read about US dollar liquidity providing operations
Fine-tuning operations (FTOs)

FTOs can be executed when needed to manage the liquidity situation in the market and to steer short-term market interest rates. In particular, they are aimed at smoothing the effects on interest rates caused by unexpected liquidity fluctuations.

Structural operations

Structural operations adjust the structural liquidity position of the financial system vis-à-vis the Eurosystem. They may involve reverse transactions, outright transactions or the issuance of ECB debt certificates.

Ad hoc communications

Summary of ad hoc communications related to monetary policy implementation issued by the ECB.

Read latest announcements
Euro operations
Ref. Type Operation subcategory Settlement date Maturity date Days Allotted amount Outstanding amount
20260054MRO24/06/202601/07/2026718.18 bn
20260046LTRO27/05/202626/08/2026913.2 bn3.2 bn
20260037LTRO29/04/202629/07/2026913.42 bn3.42 bn
20260028LTRO01/04/202601/07/2026916.62 bn6.62 bn
1) MRO = Main Refinancing Operations, LTRO = Long Term Refinancing Operations, OT = other type of operation
Non-euro operations
Ref. Curr. Operation subcategory Settlement date Maturity date Days Allotted amount
20260053USDUSD 7-days18/06/202625/06/202670.03 bn
Euro outright operations - Reference date: 2026-06-19
Instrument Outstanding amount1 (EUR millions)
Securities markets programme 14
Covered bonds purchase programme 3 193,458
Asset-backed securities purchase programme 2,241
Public sector purchase programme 1,711,676
Corporate sector purchase programme 221,908
Pandemic emergency purchase programme 1,324,169
1 At amortised cost
See Asset purchases programmes for more information

Calendars

Tender procedures

History

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