2009年-ECB欧洲央行_Liquidity_conditions_and_monetary_policy_operations_in_the_period_from_11_February_to_12_May_2009_3页_177kb

ECB Liquidity Management and Monetary Policy Operations (February 11 to May 12, 2009)

Core Content Overview

During the period from 11 February to 12 May 2009, the European Central Bank (ECB) continued its liquidity management and monetary policy operations, building on the measures introduced in October 2008 to address the financial market turmoil. The ECB's approach focused on maintaining market stability, supporting liquidity in the euro area, and adapting to evolving conditions in the banking sector.

Main Points and Key Information

Liquidity Management Measures

• The ECB maintained tender procedures with fixed rates and full allotment for all refinancing operations in euro and US dollars.
• A wider range of collateral was accepted for these open market operations.
• In March 2009, the ECB extended the use of the fixed rate tender procedure for euro refinancing operations until the end of 2009.
• In May 2009, the ECB introduced one-year liquidity-providing longer-term refinancing operations (LTROs) in addition to the existing three and six-month maturities.
• The ECB also decided to extend the temporary expansion of eligible collateral for covered bonds until the end of 2010.
• The European Investment Bank (EIB) became an eligible counterparty in the Eurosystem's monetary policy operations from 8 July 2009.

Cooperation with Other Central Banks

• In April 2009, the ECB entered into a swap arrangement with the US Federal Reserve System, offering up to €80 billion in liquidity until 30 October 2009.
• The Federal Reserve did not use this swap arrangement during the period under review.
• The ECB also extended the provision of Swiss francs to counterparties via swap operations until the end of July.

Banking System Liquidity Needs

• The average daily liquidity needs of banks in the three maintenance periods amounted to €612.0 billion, representing an increase of €18.1 billion compared to the previous three periods.
• The increase was mainly due to a rise in autonomous factors by €18.6 billion, while reserve requirements and excess reserves were lower by €0.1 billion and €0.3 billion respectively.
• Autonomous factors included the effect of foreign exchange swap operations conducted with other central banks.
• The average daily liquidity needs from reserve requirements were €219.4 billion, while those from autonomous factors and excess reserves were €391.6 billion and €1.0 billion respectively.

Liquidity Supply and Interest Rates

• The volume of outstanding open market operations continued to decline, reaching €663 billion in the maintenance period ending on 12 May, compared to a historical high of €857 billion at the end of 2008.
• The volume of longer-term refinancing operations (LTROs) decreased, while main refinancing operations (MROs) remained stable or slightly increased.
• Main refinancing operations accounted for 36% of total outstanding refinancing in the maintenance period ending on 12 May, up from 25% in the end-2008 period.
• The EONIA rate remained within the corridor set by the marginal lending and deposit facility rates throughout the period, reflecting the demand for excess liquidity.
• The EONIA rate was around 50 basis points below the main refinancing rate in the maintenance period ending on 12 May, compared to 70 basis points in the period ending on 10 March.
• The EONIA displayed calendar effects, being higher on the last day of each month and each maintenance period, especially around Easter.

Summary of Trends

• The ECB's liquidity management remained expansionary and flexible, with a focus on ensuring sufficient liquidity in the banking system.
• Interest rate differentials narrowed, indicating improved market conditions and reduced liquidity pressures.
• The euro money market showed signs of improvement, with the spread between EURIBOR and EONIA decreasing to levels similar to pre-turmoil conditions.
• Collateral policies and swap arrangements were extended to support financial stability and enhance the Eurosystem's ability to provide liquidity.