content here is the anonymously transparent proxied version of   X
European Central Bank - eurosystem
Search Options
Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers
Sort by

Open market operations

We use open market operations to steer interest rates, to manage the amount of liquidity in the financial system and to signal our monetary policy stance. Our regular open market operations consist of one-week liquidity-providing operations in euro (main refinancing operations, or MROs) and three-month liquidity-providing operations in euro (longer-term refinancing operations, or LTROs).

Non-regular open market operations

In recent years, the regular operations have been complemented by longer-term refinancing operations in euro with maturities of up to four years, as well as by US dollar liquidity-providing operations.

PELTROs – pandemic emergency longer-term refinancing operations – On 30 April 2020 the ECB’s Governing Council decided to conduct a series of seven PELTROs to provide liquidity support to the euro area financial system and ensure smooth money market conditions during the pandemic. On 10 December 2020 the Governing Council decided to offer a series of four additional PELTROs in 2021 to serve as a liquidity backstop to preserve the smooth functioning of the money market.

TLTROs - targeted longer-term refinancing operations - These are operations that provide financing to credit institutions for periods of up to four years. They offer long-term funding at attractive conditions to credit institutions in order to further ease private sector credit conditions and stimulate bank lending to the real economy.

APP - asset purchase programme - While outright asset purchases have been implemented since 2009 under several programmes, the APP was launched in October 2014 with the aim of fulfilling the ECB’s price stability mandate. Net asset purchases under the APP ended as of July 2022. Reinvestments of principal payments from maturing securities purchased under the APP were discontinued as of July 2023.

PEPP - pandemic emergency purchase programme - On 18 March 2020 the Governing Council announced the PEPP with an envelope of €750 billion. This was increased to €1.85 trillion in December 2020. The programme was designed as a response to the coronavirus (COVID-19) emergency to address the unprecedented situation faced by our monetary union. Net asset purchases under the PEPP ended as of April 2022. Principal payments from maturing securities purchased under it are being reinvested in full.

"Ad hoc" communications related to monetary policy implementation
Euro operations
Ref. Type Operation subcategory Settlement date Maturity date Days Allotted amount Outstanding amount
20230165MRO06/12/202313/12/202376.51 bn
20230163LTRO30/11/202328/02/2024902.33 bn2.33 bn
20230152LTRO26/10/202331/01/2024970.54 bn0.54 bn
20230143LTRO28/09/202321/12/2023841.9 bn1.9 bn
20210155LTROTLTRO III22/12/202118/12/2024109251.97 bn42.43 bn
20210119LTROTLTRO III29/09/202125/09/2024109297.57 bn89.68 bn
20210078LTROTLTRO III24/06/202126/06/20241098109.83 bn64.24 bn
20210034LTROTLTRO III24/03/202127/03/20241099330.5 bn257.58 bn
20200248LTROTLTRO III16/12/202020/12/2023109950.41 bn37.25 bn
1) MRO = Main Refinancing Operations, LTRO = Long Term Refinancing Operations, OT = other type of operation
Non-euro operations
Ref. Curr. Operation subcategory Settlement date Maturity date Days Allotted amount
20230164USDUSD 7-days30/11/202307/12/202370.24 bn
Euro outright operations - Reference date: 2023-12-01
Instrument Outstanding amount1 (EUR millions)
Securities markets programme 2,383
Covered bonds purchase programme 3 285,877
Asset-backed securities purchase programme 13,842
Public sector purchase programme 2,412,976
Corporate sector purchase programme 325,481
Pandemic emergency purchase programme 1,668,848
1 At amortised cost
See Asset purchases programmes for more information

All pages in this section