Announcement of longer term refinancing operation Allotment of longer term refinancing operations Settlement of longer term refinancing operations

In its initial report the Committee stresses the lack of an agreed definition of public offer of securities , with the results that the same operation is analysed as a private placement in some Member States and not in others

Furthermore , ongoing reforms of public pension schemes in the euro area favoured the placement of private savings in life insurance products .

JULY 1999 LT settl . AUGUST 1999

This operation will be carried out using a full allotment fixed rate tender procedure , as will the regular monthly three month longer term refinancing operations already announced for the first quarter of 2010 .

for allotment

Normal trade days for the main and the longer term refinancing operations Type of operation Main refinancing operations Longer term refinancing operations

The Governing Council also decides on an allotment amount of Euros 20 billion per operation for the longer term refinancing operations to be conducted in 2002 .

In addition , it decides on an allotment amount of Euros 20 billion per operation for the longerterm refinancing operations to be conducted in 2001 .

for allotment

Main allotm .

14 Tu Main allotm .

3 We Main settl .

allot . for allotment

MRO allot .

MRO ann .

MRO settl .

LTRO allot .

Excessive deficit procedure the provision defined in Article 104 of the EC Treaty and specified in Protocol No 20 ( on the excessive deficit procedure ) requires EU Member States to maintain budgetary discipline , defines criteria for a budgetary position to be considered an excessive deficit and sets out the steps to be taken following the observation that the criteria for the budget balance or government debt have not been fulfilled .

Liquidity risk the risk that a counterparty or a participant in a payment or settlement system will not settle an obligation at its full value when due . Liquidity risk does not imply that the counterparty is insolvent , since it may be able to settle the required debt obligations at some unspecified time thereafter .

For the longer term refinancing operations to be settled during the next six months , the intention is to allot an unchanged amount of EUR 15 billion per operation .

The Governing Council also decides on an allotment amount of Euros 20 billion per operation for the longer term refinancing operations to be conducted in 2002 .

The percentage of allotment is

Tender allotment procedures

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The Governing Council also decided on an allotment amount of EUR 20 billion per operation for the longer term refinancing operations to be conducted in 2001 .

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If the allotment procedure follows a single rate ( Dutch ) auction , at the start date of the operation the ESCB buys EUR 158,000,000 and sells USD 178,540,000 .

If the allotment procedure follows a single rate ( Dutch ) auction , at the start date of the operation the ESCB sells EUR 197,000,000 and buys USD 222,610,000 .

Allotment ( EUR millions )

allot . for allotment

MRO allot .

MRO settl .

Tender allotment procedures 5.1.6 .

The allotment volume for each operation increased from Euros 25 to Euros 30 billion in January 2005 and to Euros 40 billion in January 2006 .

The allotment volume in each operation was increased from Euros 30 billion to Euros 40 billion in January 2006 and to Euros 50 billion in January 2007 .

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This operation will be initiated on 4 January 1999 , while the allotment decision will be taken on 5 January 1999 and settlement will take place on 7 January 1999 .

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the minimum allotment ( if any )

9 Sa 10 Su 11 Mo Main allotm .

11 Th 12 Fr 13 Sa 14 Su 15 Mo Main ann .