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Liquidity analysis

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 2024-09-18 to 2024-10-22
Average reserve requirements 162,940
Figures as at 2024-10-08
Current account holdings 153,395
Use of the marginal lending facility 15
Use of the deposit facility 2,999,570
Net liquidity effect from Autonomous Factors and MonPol portfolios -3,104,910
Excess liquidity 2,990,010
Forecasts of autonomous factors (EUR millions)
Estimate on 2024-10-07 of average daily autonomous factors for the period 2024-10-07 to 2024-10-15: 1,311,800
Estimate on 2024-09-30 of average daily autonomous factors for the period 2024-09-30 to 2024-10-08: 1,327,600
Statistics on minimum reserves and liquidity

General information

The analysis of the liquidity conditions in the euro area starts with the Eurosystem balance sheet: Weekly financial statement

Simplified Eurosystem balance sheet
Assets (liquidity supply) Liabilities (liquidity needs)

Open market operations*

Current accounts

Marginal lending facility

Deposit facility 

Net liquidity effect from Autonomous Factors and SMP

* Outstanding amounts of liquidity provided under the various asset purchase programmes can be found on the Weekly Financial Statement of the Eurosystem as well as in the section Asset purchase programmes.

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. Additionally, banks may wish to hold reserves in addition to the minimum required reserves based on their own business preferences.

The ECB normally aims to satisfy the liquidity needs of the banking system via its open market operations.

Finally, eligible counterparties can access the Eurosystem's standing facilities with an overnight maturity.

SEE ALSO

Find out more about related content

Monetary policy portfolios

Asset purchase programmes

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