Renewal of the supplementary longer-term refinancing operation allotted on 23 August 2007 and on 12 September 2007
The Governing Council today decided to renew the two supplementary longer-term refinancing operations (LTROs) that were allotted on 23 August 2007 (EUR 40 billion) and on 12 September 2007 (EUR 75 billion) and which will mature on 23 November 2007 and on 12 December 2007 respectively.
The renewal of these two LTROs is aimed at further consolidating the progress achieved so far in the normalisation of the euro money market. The renewal will be carried out as follows and will not affect the regular LTROs:
- Two new supplementary LTROs will be carried out through variable rate tenders, each with a preset amount of EUR 60 billion. The first operation will be settled on 23 November 2007 and will mature on Thursday 21 February 2008. The second operation will be settled on 12 December 2007 and will mature on Thursday 13 March 2008.
- The two new supplementary LTROs will be carried out through a standard tender procedure with announcement and allotment taking place two days and one day, respectively, before settlement.