Bilateral procedures Standard tenders Bilateral procedures

Procedures for intervention and other transactions 5.1 .

Procedures for bilateral operations nevertheless be settled in a decentralised manner through the national central banks .

ANNEX 1 Examples of monetary policy operations and procedures

ANNEX 1 EXAMPLES OF MONETARY POLICY OPERATIONS AND PROCEDURES

PROCEDURES FOR BILATERAL OPERATIONS GENERAL CONSIDERATIONS The national central banks may execute operations on the basis of bilateral procedures .

Announcement of bilateral operations Bilateral operations are normally not announced publicly in advance .

ANNOUNCEMENT OF BILATERAL OPERATIONS Bilateral operations are normally not announced publicly in advance .

Procedures Tender procedures ECB may decide to adjust the time frame in individual operations , if deemed appropriate .

ANNEX 1 Example 2 Examples of monetary policy operations and procedures

ANNEX 1 Example 4 Examples of monetary policy operations and procedures

ANNEX 1 Example 5 Examples of monetary policy operations and procedures

ANNEX 1 Example 6 Examples of monetary policy operations and procedures

APPENDIX 1 Example 2 Examples of monetary policy opertations and procedures

APPENDIX 1 Example 4 Examples of monetary policy opertations and procedures

APPENDIX 1 Example 5 Examples of monetary policy opertations and procedures

APPENDIX 1 Example 6 Examples of monetary policy opertations and procedures

d. Announcement of bilateral operations

( d ) A n n o u n c e m e n t o f b i l a t e r a l o p e r a t i o n s

ANNEX 1 Example 6 ( continued ) Examples of monetary policy operations and procedures

Procedures for bilateral operations General considerations The national central banks may execute operations on the basis of bilateral procedures ( 10 ) .

Procedures for bilateral operations General considerations The national central banks may execute operations on the basis of bilateral procedures ( 1 ) .

Announcement of tender results Procedures for bilateral operations Settlement procedures General considerations Settlement of open market operations End of day procedures

With regard to their aims , regularity and procedures , Eurosystem open market operations can be divided into four categories main refinancing operations , longer term refinancing operations , fine tuning operations and structural operations .

10 These procedures may be used for fine tuning open market operations and structural outright operations .

These procedures may be used for fine tuning open market operations and structural outright operations ( ) .

These procedures may be used for fine tuning open market operations and structural outright operations .

Tender allotment procedures Announcement of tender results Procedures for bilateral operations Settlement procedures General considerations Settlement of open market operations End of day procedures

Procedures for bilateral operations ( a ) G e n e r a l c o n s i d e r a t i o n s The national central banks may execute operations on the basis of bilateral procedures ( 34 ) .

Procedures for bilateral operations ( a ) G e n e r a l c o n s i d e r a t i o n s The national central banks may execute operations on the basis of bilateral procedures ( 30 ) .

Bilateral operations through direct contact with counterparties can be applied for reverse transactions , outright transactions , foreign exchange swaps and the collection of fixed term deposits . a. General considerations The national central banks may execute operations on the basis of bilateral procedures .

In the field of operations , preparations involved extensive testing of the instruments and procedures for the implementation of monetary policy and foreign exchange operations .

With regard to their aim , regularity and procedures , Eurosystem open market operations can be divided into four categories main refinancing operations , longer term refinancing operations , finetuning operations and structural operations .

With regard to their aims , regularity and procedures , Eurosystem open market operations can be divided into four categories main refinancing operations , longer term refinancing operations , f ine tuning operations and structural operations .

With regard to their aims , regularity and procedures , Eurosystem open market operations can be divided into four categories main refinancing operations , longer term refinancing operations , fine tuning operations and structural operations .

With regard to their aims , regularity and procedures , Eurosystem open market operations can be divided into four categories main refinancing operations , longer term refinancing operations , fine tuning operations and structural operations .

Bids at a rate above the maximum bid rate announced by the ECB are discarded . Member State as used in this document , an EU Member State which has adopted the single currency in accordance with the Treaty .

d. Announcement of bilateral operations Bilateral operations are normally not announced publicly in advance .

With regard to their aim , regularity and procedures , ESCB open market operations can be divided into four categories main refinancing operations , longer term refinancing operations , fine tuning operations and structural operations .

a. The national central banks may execute operations on the basis of bilateral procedures .

The instruments and procedures applied in the conduct of fine tuning operations are adapted to the types of transactions and the specific objectives pursued in the operations .

The instruments and procedures applied in the conduct of finetuning operations are adapted to the types of transactions and the specific objectives pursued in the operations .

Hence , the net average liquidity deficit contributed by Greece to the euro area in this period amounted to Euros 0.6 billion .

The instruments and procedures applied in the conduct of fine tuning operations are adapted to the types of transactions and the specific objectives pursued in the operations .

PROCEDURES Tender procedures General considerations Eurosystem open market operations are normally executed in the form of tender procedures .