Monthly Bulletin July 2009 - Banque de France

1), 2)
1.3 Eurosystem monetary policy operations allotted through tenders
(EUR millions; interest rates in percentages per annum)
3), 4)
1. Main and longer-term refinancing operations
Date of Bids Number of Allotment Fixed rate tenders Variable rate tenders Running for
settlement (amount) participants (amount) (...) days
Fixed rate Minimum Marginal Weighted
bid rate rate 5) average rate
1 2 3 4 5 6 7 8
Main refinancing operations
2009 4 Mar. 244,147 481 244,147 2.00 - - - 7
11 227,701 503 227,701 1.50 - - - 7
18 226,066 537 226,066 1.50 - - - 7
25 229,979 538 229,979 1.50 - - - 7
1 Apr. 238,071 522 238,071 1.50 - - - 7
8 233,234 535 233,234 1.25 - - - 7
15 249,411 557 249,411 1.25 - - - 7
22 244,126 563 244,126 1.25 - - - 7
29 233,157 526 233,157 1.25 - - - 7
6 May 234,197 503 234,197 1.25 - - - 7
13 229,565 512 229,565 1.00 - - - 7
20 221,324 558 221,324 1.00 - - - 7
27 276,814 709 276,814 1.00 - - - 7
3 June 227,576 620 227,576 1.00 - - - 7
10 302,077 604 302,077 1.00 - - - 7
17 309,621 670 309,621 1.00 - - - 7
24 167,902 530 167,902 1.00 - - - 7
1 July 105,905 405 105,905 1.00 - - - 7
Longer-term refinancing operations
2009 8 Apr. 131,839 119 131,839 1.25 - - - 35
9 36,087 75 36,087 1.25 - - - 182
16 13,152 37 13,152 1.25 - - - 84
30 30,170 90 30,170 1.25 - - - 91
13 May 116,063 113 116,063 1.00 - - - 28
14 33,666 56 33,666 1.00 - - - 91
14 20,695 97 20,695 1.00 - - - 182
28 27,541 104 27,541 1.00 - - - 91
10 June 56,780 147 56,780 1.00 - - - 28
11 14,536 44 14,536 1.00 - - - 91
11 18,202 110 18,202 1.00 - - - 182
25 442,241 1,121 442,241 1.00 - - - 371
25 6,432 70 6,432 1.00 - - - 98
2. Other tender operations
Date of settlement Type of Bids Number of Allotment Fixed rate Variable rate tenders Running for
operation (amount) participants (amount) tenders (...) days
Fixed rate Minimum Maximum Marginal Weighted
bid rate bid rate rate 5) average rate
1 2 3 4 5 6 7 8 9 10
2008 24 Sep. Reverse transaction 50,335 36 40,000 - 4.25 - 4.25 4.35 1
1 Oct. Collection of fixed-term deposits 173,047 52 173,047 4.25 - - - - 1
2 Collection of fixed-term deposits 216,051 65 200,000 4.25 - - - - 1
3 Collection of fixed-term deposits 193,844 54 193,844 4.25 - - - - 3
6 Collection of fixed-term deposits 171,947 111 171,947 4.25 - - - - 1
7 Collection of fixed-term deposits 147,491 97 147,491 4.25 - - - - 1
9 Reverse transaction 24,682 99 24,682 3.75 - - - - 6
11 Nov. Collection of fixed-term deposits 149,656 117 79,940 - - 3.75 3.60 3.51 1
9 Dec. Collection of fixed-term deposits 152,655 95 137,456 - - 3.25 3.05 2.94 1
2009 20 Jan. Collection of fixed-term deposits 143,835 103 140,013 - - 2.50 2.30 2.15 1
10 Feb. Collection of fixed-term deposits 130,435 119 129,135 - - 2.00 1.80 1.36 1
10 Mar. Collection of fixed-term deposits 111,502 119 110,832 - - 2.00 1.80 1.52 1
7 Apr. Collection of fixed-term deposits 105,486 114 103,876 - - 1.50 1.30 1.12 1
12 May Collection of fixed-term deposits 109,091 128 108,056 - - 1.25 1.05 0.93 1
9 June Collection of fixed-term deposits 91,551 101 57,912 - - 1.00 0.80 0.77 1
Source: ECB.
1) The amounts shown may differ slightly from those in Section 1.1 due to operations allotted but not settled.
2) With effect from April 2002, split tender operations, i.e. operations with one-week maturity conducted as standard tenders in parallel with a main refinancing operation, are
classified as main refinancing operations. For split tender operations conducted before this month, see Table 2 in Section 1.3.
3) On 8 June 2000 the ECB announced that, starting from the operation to be settled on 28 June 2000, the main refinancing operations of the Eurosystem would be conducted as
variable rate tenders. The minimum bid rate refers to the minimum interest rate at which counterparties may place their bids.
4) On 8 October 2008 the ECB announced that, starting from the operation to be settled on 15 October, the weekly main refinancing operations would be carried out through a
fixed rate tender procedure with full allotment at the interest rate on the main refinancing operations.
5) In liquidity-providing (absorbing) operations, the marginal rate refers to the lowest (highest) rate at which bids were accepted.
ECB
Monthly Bulletin
S 8 July 2009