CEPS and Longer-term refinancing operations: Difference between pages
imported>Doug Williamson (Add link.) |
imported>Doug Williamson (Add link.) |
||
| Line 1: | Line 1: | ||
(LTRO). | |||
Longer-term refinancing operations by the European Central Bank (ECB) through member national central banks (NCBs) with eligible monetary institutions are liquidity-providing reverse transactions that are regularly conducted with a monthly frequency and a maturity of three months. These transactions are 'long-term' in relation to those under its main refinancing operations (MROs or MRO) that have a maturity of one week. | |||
Longer-term refinancing operations may also be conducted at irregular intervals or with other maturities, e.g. the length of one maintenance period, six months, twelve months or thirty-six months are also possible. | |||
The ECB also has a programme of targeted longer-term refinancing operations (T-LTROs or TLTROs) intended to stimulate certain types of lending by banks. | |||
These targeted operations have aimed to stimulate, for example: | |||
*Banks' total private-sector loans outstanding | |||
*The flow of such lending. | |||
==See also== | ==See also== | ||
* [[ | * [[Central bank]] | ||
* [[ | * [[European Central Bank]] | ||
* [[Inflation target]] | |||
* [[Main refinancing operations]] | |||
* [[Monetary policy]] | |||
* [[Open market operations]] | |||
[[Category:Accounting,_tax_and_regulation]] | |||
[[Category:The_business_context]] | |||
[[Category:Corporate_finance]] | |||
[[Category:Investment]] | |||
[[Category:Identify_and_assess_risks]] | |||
[[Category:Manage_risks]] | |||
[[Category:Risk_frameworks]] | |||
[[Category:Cash_management]] | |||
[[Category:Financial_products_and_markets]] | |||
[[Category:Liquidity_management]] | |||
Revision as of 05:53, 23 January 2022
(LTRO).
Longer-term refinancing operations by the European Central Bank (ECB) through member national central banks (NCBs) with eligible monetary institutions are liquidity-providing reverse transactions that are regularly conducted with a monthly frequency and a maturity of three months. These transactions are 'long-term' in relation to those under its main refinancing operations (MROs or MRO) that have a maturity of one week.
Longer-term refinancing operations may also be conducted at irregular intervals or with other maturities, e.g. the length of one maintenance period, six months, twelve months or thirty-six months are also possible.
The ECB also has a programme of targeted longer-term refinancing operations (T-LTROs or TLTROs) intended to stimulate certain types of lending by banks.
These targeted operations have aimed to stimulate, for example:
- Banks' total private-sector loans outstanding
- The flow of such lending.
