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financiare</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.ro.html">Conexiuni eligibile</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.ro.html">Agenți tripartiți eligibili</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.ro.html">Reducerea riscurilor</a><a href="#" class="subpages" title="toggle subpages for Reducerea riscurilor"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.ro.html">Cadrul Eurosistemului de evaluare a creditelor</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.ro.html">Controlul riscurilor</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.ro.html">Categorii de marje de ajustare a valorii</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.ro.html">Evaluare</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.ro.html">Inițiativa privind informațiile la nivel de credit</a><a href="#" class="subpages" title="toggle subpages for Inițiativa privind informațiile la nivel de credit"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.ro.html">Modele de date</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.ro.html">Cerințe de eligibilitate</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.ro.html">Întrebări frecvente</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.ro.html">Contacte</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.ro.html">Structura economiei zonei euro</a><a href="#" class="subpages" title="toggle subpages for Structura economiei zonei euro"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.ro.html">Politica economică</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.ro.html">Politicile fiscale</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.ro.html">Schimburile comerciale internaționale</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.ro.html">Cursurile de schimb efective</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.ro.html">Structura financiară</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.ro.html">Piețele financiare</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.ro.html">Intermediarii financiari</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.ro.html">Diversitatea economică</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.ro.html">Piața forței de muncă</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.ro.html">Grupuri de contact pentru piețe</a><a href="#" class="subpages" title="toggle subpages for Grupuri de contact pentru piețe"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.ro.html">Grupul de contact pentru piața obligațiunilor</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.ro.html">Grupul de contact pentru piața monetară</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.ro.html">Grupul de contact pentru piețele emisiunilor de instrumente de natura datoriei</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.ro.html">Grupul BCE pentru managerii de operațiuni</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.ro.html">Grupul de contact pentru schimb valutar</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.ro.html">Dialogul cu investitorii instituționali</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.ro.html">Plăți și stabilitate financiară</a><a href="#" class="subpages" title="toggle 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style="object-fit:cover"><div class="image-caption">Cea mai recentă ediție a &bdquo;Financial Stability Review<i>”</i></div> <div class="image-date">16 mai 2024</div></a></div></div><ul><li class="clearfix"><span>Plăți</span></li><li class="has-subpages"><a href="/paym/target/html/index.ro.html">Servicii TARGET</a><a href="#" class="subpages" title="toggle subpages for Servicii TARGET"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.ro.html">Elemente comune</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.ro.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.ro.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.ro.html">Guvernanță</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.ro.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.ro.html">Guvernanță</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.ro.html">Date și cifre</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.ro.html">Stabilirea prețurilor</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.ro.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/governance/html/index.ro.html">Guvernanță</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.ro.html">Date și cifre</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.ro.html">Integrare</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.ro.html">Sistemul de gestionare a colateralului din cadrul Eurosistemului (ECMS)</a></li><li class="has-subpages"><a 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cibernetică"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.ro.html">Infrastructuri ale piețelor financiare</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.ro.html">Atacuri etice bazate pe informații operative privind amenințările (TIBER-EU)</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.ro.html">Monitorizare</a><a href="#" class="subpages" title="toggle subpages for Monitorizare"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.ro.html">Sisteme de plăți</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.ro.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.ro.html">Plăți electronice</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.ro.html">Sisteme de decontare a operațiunilor cu titluri de valoare și contrapartide centrale</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.ro.html">Furnizori de servicii critice</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.ro.html">Bănci corespondente și bănci custode</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.ro.html">Forumul „SecuRe Pay”</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.ro.html">Servicii de gestionare a rezervelor</a><a href="#" class="subpages" title="toggle subpages for Servicii de gestionare a rezervelor"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.ro.html">Aspecte principale</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.ro.html">Gamă de servicii</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.ro.html">Agenți profesioniști care operează cu numerar</a><a href="#" class="subpages" title="toggle subpages for Agenți profesioniști care operează cu numerar"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.ro.html">Procesarea numerarului</a><a href="#" class="subpages" title="toggle subpages for Procesarea numerarului"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.ro.html">Dispozitive de stabilire a autenticității</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.ro.html">Repunerea în circulaţie a bancnotelor</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.ro.html">Specificaţiile interfeţei comune pentru detectoare</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.ro.html">Acreditarea producătorilor de bancnote</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.ro.html">Grupuri de contact pentru plăți</a><a href="#" class="subpages" title="toggle subpages for Grupuri de contact pentru plăți"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.ro.html">Grupurile consultative privind infrastructurile de piață</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.ro.html">Comitetul privind reziliența cibernetică a operațiunilor în euro</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.ro.html">Consiliul privind plățile de mică valoare în euro</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.ro.html">Forumul european pentru inovație în materie de plăți</a></li></ul></li><li class="clearfix"><span>Stabilitate financiară</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.ro.html">Introducere în stabilitatea financiară</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.ro.html">Măsuri macroprudențiale</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.ro.html">Grupuri de contact pentru stabilitate financiară</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.ro.html">Statistici</a><a href="#" class="subpages" title="toggle subpages for Statistici"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistici</div> <p>Acces la toate statisticile BCE și informații contextuale</p><a href="/stats/html/index.en.html">Prezentare generală a statisticilor BCE</a><hr> <div class="nav-title">Linkuri rapide</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Cele mai importante cifre</a></li> <li><a href="https://data.ecb.europa.eu/">Portalul de date al BCE</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Toate serviciile de date</a></li> </ul> </div><a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">BLOGUL BCE - Date îmbunătățite: modul în care schimbările climatice afectează băncile</div> <div class="image-date">18 aprilie 2024</div></a></div></div><ul><li class="clearfix"><span>Accesate frecvent</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.ro.html">Cursurile de schimb ale euro</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.ro.html">Ratele dobânzilor reprezentative ale BCE</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.ro.html">Rata dobânzii pe termen scurt la operațiunile în euro (€STR)</a><a href="#" class="subpages" title="toggle subpages for Rata dobânzii pe termen scurt la operațiunile în euro (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.ro.html">Ratele dobânzilor de referință</a><a href="#" class="subpages" title="toggle subpages for Ratele dobânzilor de 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class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.ro.html">SDMX – modelul de schimb de date statistice</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.ro.html">INEXDA - rețeaua de date granulare</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.ro.html">Euro</a><a href="#" class="subpages" title="toggle subpages for Euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Euro</div> <p>Tot ce trebuie să știi despre moneda noastră comună</p><a href="/euro/html/index.en.html">Prezentare generală a monedei euro</a><hr> <div class="nav-title">Linkuri rapide</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Agenți profesioniști care operează cu numerar</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistici privind bancnotele și monedele</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Cursurile de schimb ale euro</a></li> </ul> </div><a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Primul raport privind progresele înregistrate în etapa pregătitoare a unei monede euro digitale</div> <div class="image-date">24 iunie 2024</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.ro.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.ro.html">Caracteristici</a><a href="#" class="subpages" title="toggle subpages for Caracteristici"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.ro.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.ro.html">Cum funcționează?</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.ro.html">De ce este necesară?</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.ro.html">Calendar și progrese înregistrate</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.ro.html">Informații detaliate</a><a href="#" class="subpages" title="toggle subpages for Informații detaliate"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.ro.html">Guvernanță și interacțiuni cu părțile interesate</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.ro.html">Documente tehnice și studii</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.ro.html">Cadrul 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href="/euro/banknotes/html/index.ro.html">Bancnote</a><a href="#" class="subpages" title="toggle subpages for Bancnote"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.ro.html">Bancnotele viitoare</a><a href="#" class="subpages" title="toggle subpages for Bancnotele viitoare"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.ro.html">Procesul de reproiectare</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.ro.html">Bancnotele actuale</a><a href="#" class="subpages" title="toggle subpages for Bancnotele actuale"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.ro.html">Cupiuri</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.ro.html">Elemente grafice</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.ro.html">Elemente de siguranță</a></li></ul></li><li class="clearfix"><a 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href="/euro/coins/comm/html/index.ro.html">Monede comemorative de 2 EUR</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.ro.html">Elemente de siguranță</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.ro.html">Monede de colecție</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.ro.html">Aderarea la zona euro</a><a href="#" class="subpages" title="toggle subpages for Aderarea la zona euro"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.ro.html">Croația (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.ro.html">Lituania (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.ro.html">Letonia (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.ro.html">Estonia (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.ro.html">Slovacia (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.ro.html">Cipru (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.ro.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.ro.html">Slovenia (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.ro.html">Procesul iniţial de introducere a monedei euro (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.ro.html">Preschimbarea monedei naționale</a><a href="#" class="subpages" title="toggle subpages for Preschimbarea monedei naționale"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.ro.html">Austria</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.ro.html">Belgia</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.ro.html">Croația</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.ro.html">Cipru</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.ro.html">Estonia</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.ro.html">Finlanda</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.ro.html">Franţa</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.ro.html">Germania</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.ro.html">Grecia</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.ro.html">Irlanda</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.ro.html">Italia</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.ro.html">Letonia</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.ro.html">Lituania</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.ro.html">Luxemburg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.ro.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.ro.html">Ţările de Jos</a></li><li 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you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main > <div class="toBeUpdated" id="language-not-available">Nu este disponibil în limba română</div> <div class="title"> <h1>The Eurosystem’s instruments</h1> </div> <div class="section"> <p>To implement the ECB’s monetary policy, the Eurosystem uses the following set of instruments:</p> <ul class="-link-icons"> <li> <a href="/mopo/implement/omo/html/index.en.html" data-label="engleză">Open market operations</a> </li> <li> <a href="/mopo/implement/sf/html/index.en.html" data-label="engleză">Standing facilities</a> </li> <li> <a href="/mopo/implement/mr/html/index.en.html" data-label="engleză">Minimum reserve requirements for credit institutions</a></li> </ul> <p> All these instruments are based on the <a href="https://eur-lex.europa.eu/search.html?&statSubType=MONETARY_POLICY&type=statistics&statType=ECB&sortOne=DD&sortOneOrder=desc&sortOneOrder=desc">Eurosystem legal framework for monetary policy instruments</a>, which consists of the “<a href="https://eur-lex.europa.eu/search.html?VV=true&CT_4_CODED=c_726ab1b3&SUBDOM_INIT=ECB_ACTS&DB_AUTHOR=ecb&DTS_SUBDOM=ECB_ACTS&typeOfActStatus=OTHER&type=advanced&DTC=false&isEcbCourtSearch=null&orFM_CODEDGroup=FM_CODED%3DDEC_ENTSCHEID%2CFM_CODED%3DDEC%2CFM_CODED%3DREG%2CFM_CODED%3DGUIDELINE&sortOneOrder=desc&sortOne=DD&DTS_DOM=EU_LAW&REP=REP&lang=en">General framework</a>” and the “<a href="https://eur-lex.europa.eu/search.html?VV=true&CT_4_CODED=c_594e5232&SUBDOM_INIT=ECB_ACTS&DB_AUTHOR=ecb&DTS_SUBDOM=ECB_ACTS&typeOfActStatus=OTHER&type=advanced&DTC=false&isEcbCourtSearch=null&orFM_CODEDGroup=FM_CODED%3DDEC_ENTSCHEID%2CFM_CODED%3DDEC%2CFM_CODED%3DREG%2CFM_CODED%3DGUIDELINE&sortOneOrder=desc&sortOne=DD&DTS_DOM=EU_LAW&REP=REP&lang=en">Temporary framework</a>”. The Temporary framework complements, amends or overrules the General framework. </p><h2>Participation</h2><p>Our monetary policy framework strives to ensure the participation of a broad range of eligible counterparties. In the case of standing facilities and tender open market operations, only credit institutions that are subject to minimum reserves and fulfil all the necessary eligibility criteria are eligible to participate. For outright transactions, there are no a priori restrictions on the range of counterparties.</p> <h2>Open market operations<br></h2> <p>We use our open market operations to inject or absorb liquidity in the financial system as needed to steer short-term interest rates closely in line with the Governing Council’s monetary policy decisions. Our regular open market operations to provide liquidity in euro currently consist of the main refinancing operations with a maturity of one-week and longer-term refinancing operations with a maturity of three-month operations.</p><p>Open market operations are initiated by the ECB. In this way, the ECB decides on the instrument and its terms and conditions. As further explained in the General framework, it is possible to execute open market operations on the basis of standard tenders, quick tenders or bilateral procedures. The Eurosystem may conduct them as reverse transactions or outright transactions, or it may issue debt certificates, conduct foreign exchange swaps or collect fixed-term deposits.</p> <h3>Types of open market operation</h3> <p>Open market operations can differ in terms of aim, regularity and procedure.</p> <ul> <li> <strong>Main refinancing operations (MROs) </strong>are regular reverse transactions that provide liquidity, usually with a frequency and duration of one week. They are executed in a decentralised manner by the national central banks on the basis of standard tender procedures and according to an indicative <a href="/press/calendars/caleu/html/index.ro.html" data-label="engleză">calendar published on the ECB’s website</a>. MROs have been conducted through fixed rate tender procedures with full allotment against broad collateral since 2008.  </li> <li><strong>Longer-term refinancing operations (LTROs)</strong> are reverse transactions that provide liquidity for a longer duration than MROs. Regular LTROs have a maturity of three months and are conducted monthly by the Eurosystem on the basis of standard tender procedures in accordance with the <a href="/press/calendars/caleu/html/index.ro.html" data-label="engleză">indicative calendar on the ECB’s website</a>. LTROs have been conducted through fixed rate tender procedures with full allotment since 2008.<p>The Eurosystem may also conduct other longer-term refinancing operations, with a maturity of more than three months. In recent years, such non-regular open market operations have had maturities of up to 48 months – these include very long-term refinancing operations (VLTROs) and targeted longer-term refinancing operations (TLTROs). Such longer-term programmes are aimed at providing eligible counterparties with additional longer-term refinancing and can also serve other monetary policy objectives.</p></li> <li><strong>Fine-tuning operations</strong> can be executed on an ad hoc basis to manage the liquidity situation in the market and to steer short-term interest rates. In particular, they are aimed at smoothing the effects on interest rates caused by unexpected liquidity fluctuations. Fine-tuning operations are primarily executed as reverse transactions but may also take the form of foreign exchange swaps or the collection of fixed-term deposits. The instruments and procedures applied during fine-tuning operations are adapted to the types of transaction and the specific objectives pursued in performing the operations. Fine-tuning operations are normally executed by the Eurosystem through quick tenders, and a limited number of eligible counterparties may be selected to participate.</li> <li><strong>Structural operations </strong>can be carried out by the Eurosystem through reverse transactions, outright transactions and issuing debt certificates. These operations are executed whenever the ECB wishes to adjust the structural liquidity position of the financial sector vis-à-vis the Eurosystem (on a regular or non-regular basis). In <a href="/press/pr/date/2024/html/ecb.pr240313~807e240020.en.html#:~:text=The%20purpose%20of%20the%20operational,the%20Eurosystem%20balance%20sheet%20normalises.">March 2024</a>, the Governing Council of the ECB <a href="/press/pr/date/2024/html/ecb.pr240313_1~a3a50a9add.en.html">decided</a> that new structural LTROs and a structural portfolio of securities will be introduced once the Eurosystem balance sheet begins to grow durably again, taking into account legacy bond holdings. These operations will make a substantial contribution to covering the banking sector’s structural liquidity needs arising from autonomous factors and minimum reserve requirements. The structural refinancing operations and the structural portfolio of securities will be calibrated in accordance with a set of principles that the Governing Council also decided on this occasion and to avoid interference with the monetary policy stance. </li> </ul> <a href="/mopo/implement/omo/html/index.en.html" data-label="engleză">Open market operations</a> <a href="/mopo/implement/app/html/index.en.html" data-label="engleză">Asset purchases</a> <h2>Standing facilities</h2> <p>Standing facilities aim to provide and absorb overnight liquidity and to signal the general monetary policy stance and bound overnight market interest rates. The standing facilities, which are administered in a decentralised manner by the national central banks, are available to eligible counterparties on their own initiative.</p> <h3>Marginal lending facility</h3> <p>Eligible counterparties can use the marginal lending facility to obtain overnight liquidity from the national central banks, against the provision of adequate eligible collateral. The interest rate on the marginal lending facility normally provides a ceiling for the overnight interbank market interest rate.</p> <h3>Deposit facility</h3> <p>Eligible counterparties can use the deposit facility to place overnight deposits with the national central banks. The interest rate on the deposit facility normally provides a floor for the overnight interbank market interest rate and thus anchors short-term wholesale money market rates. The Governing Council decided in March 2024 that it will continue to steer the monetary policy stance through the deposit facility rate., Short-term money market interest rates are expected to evolve in the vicinity of the deposit facility rate with tolerance for some volatility as long as it does not blur the signal about the intended monetary policy stance. Eligible counterparties receive the deposit facility rate for the funds placed in the deposit facility, unless the deposit facility rate is negative, in which case it also applies to current account holdings in excess of minimum reserves.</p> <a href="/mopo/implement/sf/html/index.en.html" data-label="engleză">Standing facilities</a> <h2>Minimum reserves</h2><p>The ECB requires credit institutions established in the euro area to hold a certain amount of funds on their accounts with their respective national central bank. These funds are called “minimum reserves” or “required reserves”.</p><p>The minimum reserve system is meant to stabilise money market interest rates and potentially create (or enlarge) a structural liquidity shortage.</p><p>The ECB does not require credit institutions to hold the total amount of required reserves in their account at the central bank every day. Rather, they should hold these required reserves on average, based on their daily holdings, over a maintenance period of about six weeks. </p><p>The amount credit institutions should hold is determined by certain elements of their balance sheet, in particular customer deposits with a maturity of up to two years. </p><p>The respective reserve maintenance periods start on the settlement day of the main refinancing operation following each Governing Council monetary policy meeting. </p><p>The required reserves are remunerated at 0%.</p><p>Excess reserves, i.e. current account holdings in excess of the minimum, are remunerated at the deposit facility rate or 0%, whichever is lower. The ECB may exempt part of the excess reserves from the deposit facility rate remuneration. This was the case with the implementation of the two-tier system for remunerating excess reserves. </p> <a href="/mopo/implement/mr/html/index.en.html" data-label="engleză">Minimum reserves</a> <a href="/mopo/implement/mr/two-tier/html/index.ro.html" data-label="engleză">Two-tier system for remunerating excess reserves</a> </div>  <div class="table "> <div class="header"> <div class="title">Overview on Eurosystem open market operations and standing facilities</div> </div> <div class="wrapper"> <table summary="Eurosystem open market operations and standing facilities"> <thead> <tr> <th>Monetary policy operations</th> <th colspan="2">Types of transactions</th> <th>Maturity</th> <th>Frequency</th> <th>Procedure</th> </tr> <tr> <th> </th> <td>Liquidity-<br> providing</td> <td>Liquidity-<br> absorbing</td> <th> </th> <th> </th> <th> </th> </tr> <tr> <th colspan="6">Open market operations</th> </tr> </thead> <tbody> <tr> <th>Main refinancing operations</th> <td>Reverse transactions</td> <td>-</td> <td>One week</td> <td>Weekly</td> <td>Standard tenders</td> </tr> <tr> <th>Longer-term refinancing operations<sup>2</sup></th> <td>Reverse transactions</td> <td>-</td> <td>Three months</td> <td>Monthly</td> <td>Standard tenders</td> </tr> <tr> <th>Fine-tuning operations</th> <td>Reverse transactions</td> <td>Reverse transactions</td> <td>Non-<br> standardised</td> <td>Non-regular</td> <td>Quick tenders</td> </tr> <tr> <th> </th> <td>Foreign exchange swaps</td> <td>Collection of fixed-term deposits</td> <td> </td> <td> </td> <td>Bilateral Procedures</td> </tr> <tr> <th> </th> <td> </td> <td>Foreign exchange swaps</td> <td> </td> <td> </td> <td> </td> </tr> <tr> <th>Structural operations</th> <td>Reverse transactions</td> <td>Issuance of debt certificates</td> <td>Standardised/ non-standardised</td> <td>Regular and non-regular</td> <td>Standard tenders</td> </tr> <tr> <th> </th> <td>Outright purchases</td> <td>Outright<br> sales</td> <td>-</td> <td>Non-regular</td> <td>Bilateral Procedures</td> </tr> </tbody> <thead> <tr> <th colspan="6">Standing facilities</th> </tr> </thead> <tbody> <tr> <th>Marginal lending facility</th> <td>Reverse transactions</td> <td>-</td> <td>Overnight</td> <td colspan="2">Access at the discretion of counterparties</td> </tr> <tr> <th>Deposit facility</th> <td>-</td> <td>Deposits</td> <td>Overnight</td> <td colspan="2">Access at the discretion of counterparties</td> </tr> </tbody> <tfoot> <tr> <td colspan="6"><sup>2</sup> This procedure also applies to irregular longer-term refinancing operations with longer maturities.</td> </tr> </tfoot> </table> </div> </div> <div class="see-also-boxes -align-center -two-columns"> <div class="headline">SEE ALSO</div> <h2>Find out more</h2> <div class="container"> <div class="content-box"> <h3>Monetary policy instruments</h3> <p>To deliver on our primary objective of price stability, we need the right tools at hand. 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