The marginal lending facility The deposit facility

143 CHAPTER 6 EXTERNAL COMMUNICATION 1 COMMUNICATION POLICY 2 COMMUNICATION ACTIVITIES 148 149

4.1 The marginal lending facility 4.2 The deposit facility

Deposit facility

Overnight deposits at a pre specified interest rate ( standing facility )

The marginal lending facility

Telnet is an application protocol used on the Internet or local area networks to provide a bidirectional interactive text oriented communication facility using a virtual terminal connection.

The marginal lending facility The deposit facility 21 21 22

179 180 182 183 184 186 187 190 CHAPTER 6 EXTERNAL COMMUNICATION 1 COMMUNICATION POLICY 2 COMMUNICATION TOOLS 3 COMMUNICATION ISSUES IN 2003 150 151 152

Standing facilities marginal lending facility deposit facility 10 10

Deposit facility

Deposit facility 2.3 .

THE DEPOSIT FACILITY

Outright purchases Standing facilities Marginal lending facility Deposit facility

Standing facilities The marginal lending facility The deposit facility 19 19 20

Standing facilities The marginal lending facility The deposit facility 18 18 19

Eurosystem 's foreign exchange liquidity position this comprises the Eurosystem 's foreign reserve assets and the Eurosystem 's other foreign currency claims and liabilities , including positions vis à vis euro area residents such as , for instance , foreign exchange deposits placed with banking institutions resident in the euro area .

Directorate Communications

Directorate Communication

Timeliness

Notification No .

D Communications

THE DEPOSIT FACILITY

Deposit facility 2.3 .

Outright purchases Standing facilities Marginal lending facility Deposit facility Reverse transactions

Standing facilities Marginal lending facility Deposit facility Reverse transactions

Marginal lending facility

Marginal facility lending

The marginal lending facility

Overnight liquidity facility at a prespecified interest rate against eligible assets ( standing facility )

Standing facilities marginal lending facility deposit facility 10 23 December 11.6 10

Overnight liquidity facility at a pre specified interest rate against eligible assets ( standing facility )

Overnight liquidity facility at a prespecified interest rate against eligible assets ( standing facility )

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C O M M U N I C AT I O N

Communications

Internal Audit

It should be noted that the national central banks of those Member States which have not adopted the single currency in accordance with the Treaty retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the monetary policy of the Eurosystem . 82

It should be noted that national central banks of Member States which have not adopted the single currency in accordance with the Treaty retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the monetary policy of the Eurosystem .

The ECB is governed by the Governing Council and the Executive Board , and , as a third decision making body , by the General Council . European Monetary Institute ( EMI ) a temporary institution established at the start of Stage Two of Economic and Monetary Union on 1 January 1994 .

European Council provides the European Union with the necessary impetus for its development and defines the general political guidelines thereof . It brings together the Heads of State or Government of the Member States and the President of the European Commission ( see also EU Council ) .

It ensures that the tasks conferred upon the Eurosystem and the ESCB are implemented either through its own activities or through those of the NCBs , pursuant to the Statute of the ESCB . The ECB is governed by the Governing Council and the Executive Board , and , as a third decision making body , by the General Council .

It should be noted that the national central banks of those Member States which have not adopted the single currency in accordance with the Treaty retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the monetary policy of the Eurosystem .

Deposit facility Overnight deposits at a pre specified interest rate ( standing facility )

The interest rate on the marginal lending facility normally provides a ceiling for the overnight market interest rate .