The first version was produced as the R22, followed by the R22 HP, R22 Alpha, R22 Beta and R22 Beta II.

Purchase date the date on which the sale of purchased assets by the seller to the buyer becomes effective .

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

Interest rate instruments are revalued on an item by item basis .

ECB Annual Report 2006 Interest rate instruments are revalued on an item by item basis .

Interest rate instruments are revalued on an itemby item basis .

Interest rate instruments are revalued on an item by item basis .

The international standard ISO 216 A series The international paper size standard, ISO 216, is based on the German DIN 476 standard for paper sizes.

In addition , the EU Council may meet in the composition of the Heads of State or Government .

Outright transaction a transaction where the central bank buys or sells assets outright in the market ( spot or forward ) .

Quick tender the tender procedure used by the Eurosystem for fine tuning operations when it is deemed desirable to have a rapid impact on the liquidity situation in the market .

Main refinancing operation a regular open market operation executed by the Eurosystem in the form of a reverse transaction .

Main refinancing operations are conducted through weekly standard tenders and have a maturity of two weeks . Maintenance period the period over which credit institutions compliance with reserve requirements is calculated .

Pooling system a system for central banks collateral management where the counterparties provide a pool of assets to serve as collateral in their transactions with the central bank .

As for the instruments used , reverse transactions are the main open market instrument of the Eurosystem and can be employed in all four categories of operations .

EN Transmission standard

Volatility exhibited the usual pattern of periodic rises confined to specific periods , namely the days between the last main refinancing operation and the last day of the reserve maintenance period .

Euro area the area encompassing those Member States in which the euro has been adopted as the single currency in accordance with the Treaty and in which a single monetary policy is conducted under the responsibility of the relevant decision making bodies of the ECB . The euro area comprises Belgium , Germany , Spain , France , Ireland , Italy , Luxembourg , the Netherlands , Austria , Portugal and Finland .

Non financial corporations one of the institutional sectors in the European System of Accounts 1995 ( ESA 95 ) .

It was an unambiguous pattern, a geological pattern.

the type of operation

Monetary policy instrument

the type of operation

Longer term refinancing operation a regular open market operation executed by the Eurosystem in the form of a reverse transaction .

By contrast with an earmarking system , the underlying assets are not earmarked for individual transactions in a pooling system . Post fixed coupon a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index at a certain date ( certain dates ) during the coupon accrual period .

In some Member States , branches of the national central bank may be closed on NCB business days owing to local or regional bank holidays .

Post fixed coupon a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index at a certain date ( or dates ) during the coupon accrual period .

Pooling system see collateral pooling system .

Minimum bid rate the lower limit to the interest rates at which counterparties may submit bids in variable rate tenders .

Post fixed coupon a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index on a certain date ( or dates ) during the coupon accrual period .

Notice this pattern and pay attention to this pattern.

National central bank ( NCB ) as used in this document , a central bank of an EU Member State which has adopted the single currency in accordance with the Treaty .

Outright transaction a transaction whereby assets are bought or sold up to their maturity ( spot or forward ) .

Outright transaction a transaction whereby assets are bought or sold up to their maturity ( spot or forward ) .

ECBc The implementation of monetary policy in the euro area February 2005 ANNEX 2 Outright transaction a transaction whereby assets are bought or sold up to their maturity ( spot or forward ) .

Pooling system a system for central banks collateral management where the counterparties provide a pool of assets to serve as collateral in their transactions with the central bank .

The Standard Maekelawi Interrogation

Lump sum allowance a fixed amount which an institution may deduct in the calculation of its reserve requirement within the minimum reserve framework of the Eurosystem .

M1 , M2 , M3 see monetary aggregates .

Nikkei 225 index an index of the 225 top rated Japanese companies listed in the First Section of the Tokyo Stock Exchange . It is a market value weighted index ( i.e. each stock

Consider the following functions, which demonstrate several kinds of dependencies Operation 3 in Dep(a, b) cannot be executed before (or even in parallel with) operation 2, because operation 3 uses a result from operation 2.

Start a bisect operation

They can take the form of liquidityproviding ( outright purchase ) or liquidityabsorbing ( outright sales ) operations

Box 1

Open market operation an operation executed on the initiative of the central bank in the financial market . 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 .