The marginal lending facility The deposit facility

4.1 The marginal lending facility 4.2 The deposit facility

Marginal lending facility

Marginal facility lending

The marginal lending facility

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

The marginal lending facility The deposit facility 21 21 22

Standing facilities marginal lending facility deposit facility 10 10

Marginal lending facility 5.6 .

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

Outright purchases Standing facilities Marginal lending facility Deposit facility Reverse transactions

Standing facilities Marginal lending facility Deposit facility Reverse transactions

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

Recourse to the Eurosystem 's marginal lending facility .

It brings together the Heads of State or Government of the Member States and the President of the European Commission ( see also EU Council ) .

Its departments , called Directorates General , are responsible for the implementation of common policies and general administration in a specific area .

Chapter 4 Standing facilities 4.1 The marginal lending facility 4.2 The deposit facility 21 22

1.4 Standing facilities There are normally two reasons for credit institutions having recourse to the standing facilities .

Chapter 4 4 Standing facilities 22 22 23 4.1 The marginal lending facility 4.2 The deposit facility

2.5 . Current accounts ( covering the minimum reserve system ) Deposit facility Fixed term deposits Fine tuning reverse operations Deposits related to margin calls

Deposits

Around 3,800 had access to the deposit facility , and 3,200 could access the marginal lending facility .

Standing facilities Marginal lending facility Deposit facility Reverse transactions Deposits Overnight Overnight Access at the discretion of counterparties Access at the discretion of counterparties

Standing facilities The marginal lending facility Type of instrument in which the institution is established .

TYPE OF INSTRUMENT The Eurosystem may invite counterparties to place remunerated fixed term deposits with the national central bank in the Member State in which the counterparty is established . The collection of fixed term deposits is envisaged only for fine tuning purposes in order to absorb liquidity in the market .

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 .

Final transfer an irrevocable and unconditional transfer which effects a discharge of the obligation to make the transfer .

Foreign exchange swap simultaneous spot and forward transactions exchanging one currency against another . The Eurosystem can execute open market operations in the form

It monitors public finances within the framework of multilateral surveillance and submits reports to the Council .

The figures are a weighted average of the euro area countries effective exchange rates .

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 .

It comprises the President and the Vice President of the ECB and four other members appointed by common accord by the Heads of State or Government of the countries that have adopted the euro .

It monitors public finances within the framework of multilateral surveillance and submits reports to the EU Council .

Outright purchases Structural operations Reverse transactions Outright purchases Standing facilities Marginal lending facility Deposit facility Reverse transactions

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 .

At the end of 2007 , 2,122 counterparties had access to the marginal lending facility and 2,798 counterparties had access to the deposit facility .

recourse to the deposit facility recourse to the marginal lending facility 6.0 4.0 2.0 0.0 2.0 4.0 6.0 Feb. Mar .

Two standing facilities are available to eligible counterparties the marginal lending facility and the deposit facility .

For marginal lending facility and intraday credit .

CHAPTER 4 S TA N D I N G F A C I L I T I E S 4.1 THE MARGINAL LENDING FACILITY TYPE OF INSTRUMENT Counterparties may use the marginal lending facility to obtain overnight liquidity from national central banks at a pre specified interest rate against eligible assets ( as set out in Chapter 6 ) . The facility is intended to satisfy counterparties temporary liquidity needs .

Outright purchases Structural operations Reverse transactions Outright purchases Standing facilities Marginal lending facility Deposit facility Reverse transactions

The standing facilities are available to counterparties on their own initiative and are called the marginal lending facility and the deposit facility .

Outright purchases Structural operations Reverse transactions Outright purchases Standing facilities Marginal lending facility Deposit facility Reverse transactions