Central bank liquidity management means supplying to the market the amount of liquidity consistent with a desired level of short-term interest rates.
This is achieved through open market operations and requires analysis and forecasting of the liquidity situation in the euro area.
|Daily liquidity conditions (EUR millions)|
|Reserve maintenance period|| 2018-09-19 to
|Average reserve requirements||126,663|
|Figures as at||2018-10-16|
|Average current account holdings in the MP||1,357,652|
|Current account holdings||1,371,760|
|Use of the marginal lending facility||56|
|Use of the deposit facility||644,509|
|Net liquidity effect from Autonomous Factors and MonPol portfolios||-1,283,420|
|Forecasts of autonomous factors (EUR millions)|
|Estimate on 2018-10-16 of average daily autonomous factors for the period 2018-10-15 to 2018-10-23:||1,336,900|
|Benchmarks (EUR millions)|
|Benchmark allotment based on the ECB's liquidity forecast as at 2018-10-16 for the period 2018-10-17 to 2018-10-23:||-818,500|
The analysis of the liquidity conditions in the euro area starts with the Eurosystem balance sheet: Weekly financial statement
|Open market operations
Marginal lending facility
Net liquidity effect from Autonomous Factors and SMP
The liquidity needs of the banking system result from the minimum reserve requirements imposed on euro area credit institutions and from autonomous factors , which are normally beyond the direct control of the ECB. Such factors can be banknotes in circulation and government deposits with some national central banks.
The ECB normally aims to satisfy the liquidity needs of the banking system via its open market operations.
Finally, counterparties can access the Eurosystem's standing facilities with an overnight maturity.
The regular publication of figures relating to the liquidity position of the euro area banking system vis-à-vis the Eurosystem also takes into account all non-standard monetary policy measures that have been used since August 2007:
* Outstanding amounts of liquidity provided under the Securities Markets Programme can be found on the Weekly Financial Statement of the Eurosystem as well as in the section Asset purchase programmes.