Bilateral procedures Standard tenders Bilateral procedures

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

Procedures for intervention and other transactions 5.1 .

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 .

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

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

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

ANNEX 1 Examples of monetary policy operations and procedures

ANNEX 1 EXAMPLES OF MONETARY POLICY OPERATIONS AND PROCEDURES

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

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 ) .

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 ) .

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

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 .

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

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

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

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

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 .

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 .

Bilateral operations are normally not announced publicly in advance .

In addition , the ECB may decide not to announce the results of bilateral operations publicly .

Chapter 5 specifies procedures applied in the execution of monetary policy operations .

As regards open market operations , these will normally be based on tender procedures .

Chapter 5 specifies procedures applied in the execution of monetary policy operations .

There are currently 11 national central banks in the Eurosystem .

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 .