Allotment amount of the longer-term refinancing operations in the year 2004

The Governing Council has decided to increase the allotment amount for each of the longer-term refinancing operations to be conducted in the year 2004 from EUR 15 billion to EUR 25 billion.

This increased amount takes into consideration the higher liquidity needs of the euro area banking system anticipated in the year 2004. The Eurosystem will however continue to provide the bulk of liquidity through its main refinancing operations.

The Governing Council may decide to adjust the allotment amount again at the beginning of 2005.