ANNUAL REPORT 2008 - Polymer Bank Notes of the World

31 JULY 2008SUPPLEMENTARY LONGER-TERM REFINANCINGOPERATIONSThe Governing Council decided today to renewthe two outstanding three-month supplementarylonger-term refinancing operations (LTROs)that were allotted on 21 May 2008 (€50 billion)and on 11 June 2008 (€50 billion) and that willmature on 14 August 2008 and on 11 September2008 respectively. The renewal of these twosupplementary three-month LTROs is aimedat further consolidating the progress achievedso far in the normalisation of the euro moneymarket. The renewal will not affect the regularLTROs and will be carried out as follows: Thetwo supplementary LTROs will be carried outthrough variable rate tenders, each with a presetamount of €50 billion. The first operation willbe settled on 14 August 2008 and will mature on13 November 2008. The second operation willbe settled on 11 September 2008 and will matureon 11 December 2008. The two supplementaryLTROs will be carried out through a standardtender procedure, with their announcement andallotment taking place two days and one dayrespectively before settlement.4 SEPTEMBER 2008SUPPLEMENTARY LONGER-TERM REFINANCINGOPERATIONSThe Governing Council today decided to renewthe outstanding six-month supplementary longertermrefinancing operation (LTRO) of €25 billionthat was allotted on 2 April and that will matureon 9 October 2008. It also decided to renewthe two three-month supplementary LTROs(€50 billion) that will mature on 13 Novemberand 11 December 2008 respectively. The renewalof these supplementary LTROs is aimed atsupporting the further normalisation of the euromoney market. The renewal will not affect theregular LTROs. The supplementary LTROs willbe carried out as follows: The two supplementarythree-month LTROs will be carried out throughvariable rate tenders, each with a preset amountof €50 billion. The first operation will be settledon 13 November 2008 and will mature on12 February 2009. The second operation will besettled on 11 December 2008 and will mature on12 March 2009. The supplementary six-monthLTRO will be carried out through a variable ratetender, with a preset amount of €25 billion. Theoperation will be settled on 9 October 2008 andwill mature on 9 April 2009. As in previous cases,a maximum bid amount of €2.5 billion will beapplied in the six-month supplementary LTRO.The supplementary LTROs will be carried outthrough a standard tender procedure, with theirannouncement and allotment taking place twodays and one day respectively before settlement.29 SEPTEMBER 2008SPECIAL-TERM REFINANCING OPERATIONThe Governing Council of the ECB decided toconduct a special-term refinancing operation.The aim of this operation is to improve theoverall liquidity position of the euro areabanking system. The operation will be carriedout as follows: It will be conducted todaythrough a standard tender procedure, using avariable rate tender with no preset amount. Itwill be settled on Tuesday, 30 September 2008and will mature on Friday, 7 November 2008.The ECB will continue to steer liquidity towardsbalanced conditions in a way which is consistentwith the objective to keep very short-term ratesclose to the minimum bid rate. The special-termrefinancing operation will be renewed until atleast beyond the end of the year.3 OCTOBER 2008 2GENERAL ANNOUNCEMENT ON LIQUIDITY POLICYThe Governing Council of the ECB has decidedthat, from 6 October 2008 until further notice,all institutions that are eligible to participatein Eurosystem open market operations basedon standard tenders and that fulfil additionaloperational or other selection criteria specified2 General announcements on liquidity policy which were notdirectly related to the provision of liquidity are not included inthis list. They are available on the ECB’s website.262 ECBAnnual Report2008