These data refer to minimum reserve requirements and liquidity conditions in the euro area, i.e. the Eurosystem’s supply of liquidity in euro, and credit institutions’ demand for this liquidity. These statistics may be of use to treasurers, money market analysts and researchers.
Euro area banks are required to hold minimum reserves in their current accounts at their national central bank. A bank’s minimum reserve requirement is set for six-week maintenance periods. The level of reserves is calculated on the basis of the bank’s balance sheet before the start of the maintenance period.
The annual and quarterly data on minimum reserve requirements refer to averages of the last maintenance period of the year/quarter. As of 10 March 2004 maintenance periods start on the settlement day of the main refinancing operation (MRO) following the Governing Council’s assessment of the monetary policy stance.
These data comprise ex post data on open market operations, recourse to the marginal lending facility, use of the deposit facility, autonomous liquidity factors, current account holdings and reserve requirements.
Due to technical issues the historical Eurosystem daily liquidity conditions are not completely updated as of 21 September 2018. To consult the Eurosystem daily liquidity conditions please refer to liquidity analysis page. For information concerning APP holdings please refer to asset purchase programmes page.
These forecasts refer to average autonomous liquidity factors published by the ECB. They are expressed as daily averages.
The frequency of data is weekly: the ECB publishes a forecast each time a main refinancing operation (MRO) is announced and updates it when the operation is allotted.
Please note that as of publication date 24 September 2018 the forecast average autonomous factor figures are in EUR millions.
This is the allotment amount in the main refinancing operations (MRO) that allows counterparties to smoothly fulfil their reserve requirements, taking into account the expected liquidity supply through other open market operations, the ECB’s forecast of autonomous factors and excess reserves.
The frequency of data is weekly: the ECB publishes the benchmark allotment each time an MRO is announced and updates it when the operation is allotted.
Please note that as of publication date 24 September 2018 the data for the benchmark allotment amount are based on the benchmark calculation date and reflect the benchmark horizon.