FRANKFURT (MNI) – The following is the verbatim text from the
European Central Bank regarding details of its refinancing operations
with settlement from 17 October 2010 to 8 January 2011:
The Governing Council of the European Central Bank (ECB) has today
decided to continue to conduct its main refinancing operations (MROs) as
fixed rate tender procedures with full allotment for as long as
necessary, and at least until the end of this years twelfth maintenance
period on 18 January 2011. The fixed rate tender procedure with full
allotment will also remain in use for the special-term refinancing
operations with a maturity of one maintenance period, which will
continue to be conducted for as long as needed and at least until the
end of 2010. The fixed rate in these operations will be the same as the
MRO rate prevailing at the time.
Furthermore, the Governing Council has decided to conduct the
3-month longer-term refinancing operations (LTROs) to be settled on 28
October, 25 November and 23 December 2010 as fixed rate tender
procedures with full allotment. The rates in these 3-month operations
will be fixed at the average rate of the MROs over the life of the
respective LTRO.
The Governing Council has also decided to carry out three
additional fine-tuning operations when the remaining 6-month and
12-month refinancing operations mature: one six-day operation with
announcement, allotment and settlement on 30 September 2010; one six-day
operation with announcement, allotment and settlement on 11 November
2010; and one 13-day operation with announcement, allotment and
settlement on 23 December 2010. The fixed rate tender procedure with
full allotment will also be used in these three operations, the rate
being the same as the MRO rate prevailing at that time.
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