The maximum amount of intraday credit granted to a non euro area participant is Euros 1 billion . With regard to the TARGET operating times , in September 1998 the ECB published , in the form of a press release , a calendar of TARGET operating days for 1999 .

Total amount to be covered 50,000,000 95,005,889

Total amount to be covered

Margin call

Upper trigger amount ( 2 )

Start date

There are additional indications that a similar amount was distributed to non residents of the euro area in January 2002 .

Maturity date the date on which a monetary policy operation expires .

Minimum allotment amount the lower limit of the amount to be allotted to individual counterparties in a tender operation . The Eurosystem may decide to allot a minimum amount to each counterparty in its tender operations .

Marginal interest rate the interest rate at which the total tender allotment is exhausted .

Nevertheless , the total amount of assets of these other financial intermediaries in the euro area has grown substantially .

This amount was distributed to the euro area NCBs in proportion to their paid up shares in the ECB 's capital .

Minimum bid rate the lower limit to the interest rates at which counterparties may submit bids in variable rate tenders . Monetary Financial Institution ( MFI ) financial institutions which together form the money creating sector of the euro area .

Minimum bid rate the lower limit to the interest rates at which counterparties may submit bids in variable rate tenders . Monetary financial institution ( MFI ) financial institutions which together form the money creating sector of the euro area .

Minimum bid rate the lower limit to the interest rates at which counterparties may submit bids in variable rate tenders . Monetary financial institution ( MFI ) financial institutions which together form the moneyissuing sector of the euro area .

Euro equivalent amount of US dollars

satisfied as having priority and bids with successively lower interest rates are accepted until the total liquidity to be allotted is exhausted . If , at the lowest interest rate level accepted ( i.e. the marginal interest rate ) , the aggregate amount bid exceeds the remaining amount to be allotted , the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total amount bid at the marginal interest rate ( see Box 5 ) .

The latter aggregate amount shall be reduced by an amount equal to the amount subscribed (whether or not paid in) for any equity participation of the Bank.

The latter aggregate amount shall be reduced by an amount equal to the amount subscribed ( whether or not paid in ) for any equity participation of the Bank .

The new EU Member States as a whole received considerable euro area foreign investment .

If , at the highest swap point quotation accepted ( i.e. the marginal swap point quotation ) , the aggregate amount bid exceeds the remaining amount to be allotted , the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted

Of this total figure

Amount of transfer

Amount category .

If the aggregate amount bid exceeds the total amount of liquidity to be allotted , the submitted bids will be satisfied pro rata , according to the ratio of the amount to be allotted to the aggregate amount bid ( see Box 4 ) .

If the aggregate amount bid exceeds the total amount of liquidity to be allotted , the submitted bids will be satisfied pro rata , according to the ratio of the amount to be allotted to the aggregate amount bid ( see Box 4 ) .

If the aggregate amount bid exceeds Box 4 the total amount of liquidity to be allotted , the submitted bids will be satisfied pro rata , according to the ratio of the amount to be allotted to the aggregate amount bid ( see Box 4 ) .

Information on amount of claims to mobilise

the minimum individual allotment amount ( if any )

If the aggregate amount bid exceeds the total amount of liquidity to be allotted , the submitted bids will be satisfied pro rata , according to the ratio of the amount to be allotted to the aggregate amount bid ( see Box 4 ) .

When Greece joined the euro area on 1 January 2001 , the Bank of Greece transferred additional reserve assets equivalent to Euros 1.28 billion .

When Greece joined the euro area on 1 January 2001 , the Bank of Greece transferred additional reserve assets equivalent to Euros 1.28 billion .

the spot exchange rate ( in the case of foreign exchange swaps )

If , for the maturity of the swap , the foreign currency interest rate is higher than the corresponding interest rate for the euro , the swap point quotation is positive ( euro quoted at premium against the foreign currency ) . Conversely , if the foreign currency interest rate is lower than the corresponding interest rate for the euro , the swap point quotation is negative ( euro quoted at discount against the foreign currency ) .

the total amount allotted

In addition , national central banks may announce the allotment result directly to counterparties without access to wire services . The public tender result message normally contains the following information the reference number of the tender operation

Assessed compensation amount

the total amount allotted

Amount of transfer ( EUR )

Amount Accrued interest

the total amount allotted

Claim equivalent to the foreign reserve assets transferred to the ECB , on 31 December 2008 ( EUR )

first and subsequently bids with successively higher interest rates ( lower price bids ) are accepted until the total liquidity to be absorbed is exhausted .

The amount allotted to the ith counterparty is where A n ai all i total amount allotted total number of counterparties bid amount of the ith counterparty

) M is the forward amount of currency