The Eurosystem conducts monthly longer-term refinancing basic tender operations with a three-month maturity in order to steady the supply of liquidity and to assist banks which are active in the money market in the security of their operations.

The main tasks of the expert panel are promoting dialogue on the activities of international working groups and to provide a platform for exploring industry-wide issues.

The Eurosystem’s monetary policy from 2020 was shaped by the global outbreak of the COVID-19 pandemic and the surge in inflation from 2021. This ultimately led to a series of Eurosystem policy rate hikes totalling 450 basis points (from July 2022 to September 2023).

Pursuant to Eurosystem rules, auctions may be used alongside bilateral transactions as a supplementary procedure for specific market segments under the public sector purchase programme (PSPP). Within this framework, the Bundesbank conducts one multi-ISIN auction covering up to 10 securities on the second and fourth Thursday of every month. Advance notice for the auctions is issued on the Friday prior to the relevant auction.

The Eurosystem may conduct fine-tuning operations in order to smooth unexpected liquidity fluctuations rapidly.

Der Zinssatz des GLRG-II orientiert sich an der Nettokreditvergabe der Institute. Eine Übersicht finden Sie hier.

Here you can find background information on the TARGET balances.