Transcript De Nederlandsche Bank

Eurosystem´s Liquidity Management
and NCBs´ role
April 11th, 2007
Jaap Teerhuis
Financial Markets Division
What is in for me?
•Liquidity Management is the central task of the
implementation.
•Decentralized approach implementation : role NCB’s
unique and public available information limited.
•Introduction to Liquidity Management Game (tomorrow).
Outline presentation
1. The purpose of the ECB’s liquidity management
2. Assessment of the liquidity demand
3. Liquidity supply:
- role MRO, LTRO and FTO
- role Benchmark Allotment
4. The decision making progress
- LICO (LIquidity COmmittee)
- Liquidity Management Unit´s tasks and IT
infrastructure
- Role NCBs
-
Outline presentation
1. The purpose of the ECB’s liquidity management
2. Assessment of the liquidity demand
3. Liquidity supply:
- role MRO, LTRO and FTO
- role Benchmark Allotment
4.The decision making progress
- LICO (LIquidity COmmittee)
- Liquidity Management Unit´s tasks and IT
infrastructure
- Role NCBs
-
Purpose of the liquidity management
•
The liquidity management aims to steer short term
interest rates such that they are in line with the policy
rate (the minimum bid rate).
•
The liquidity management does not aim to (directly)
influence a monetary aggregate.
•
Implementation monetary policy is successful if
operational target EONIA is a few base points above
minimum bid rate Main Refinancing Operation.
Purpose of the liquidity management
Demand
– Autonomous factors
factors (net)
– Reserve requirements
– Excess reserves
Supply
– Open market operations
– MROs (policy rate)
– LTROs
– Fine tuning
– Structural operations
– deposit facility
– marginal lending facility
Purpose of the liquidity management
Demand
Supply
– Autonomous factors (net)
– Open market operations
– Reserve requirements =
– MROs (policy rate)
– Excess reserves
– LTROs
(over a
– Fine tuning
reserve
maintenance – Structural operations
period)
– marginal lending facility
– deposit facility
Daily relationship between liquidity factors: balance sheet
Simplified balance sheet Eurosystem, February 2007, EUR billions.
Autonomous factors
Autonomous factors
Net foreign assets (A1+A2+A3-L7-L8-L9) 321.8 Banknotes in circulation (L1) 604.4
Net assets denominated in euro’s
266.5 Government deposits (L5.1)
35.8
Other autonomous factors(net)180.7
Reserve requirements
(L2.1)
183.9
Monetary Policy Instruments
Monetary Policy Instruments
Main Refinancing Operation (A5.1)
286.5
Longer Term Refinancing Operation(A5.2)
130.0
Marginal lending facility (A5.5)
0.0 Deposit facility (L2.2)
0.0
1004.8
1004.8
The Liquidity Management Table
Date:
Time:
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Liquidity table
(Only figures in bold characters are definitive. All other figures are subject to uncertainty. Especially the displayed
10 apr 07
10:06 All figures in EUR billion amounts of future monetary policy operations have only the purpose of a sensitivity analysis.)
IV. Reserve holdings
II. St. fac. III. Autonomous factors
I. Open market operations
14
13
12
11
10
9
8
7
6
5
4
3
2
1
Daily Aver. daily
Marg. Dep. Prev. day Auton. Addit. Auton. Daily curr. Requ.
Main Longer Other Sum
reser.
reser.
reser.
acc.
factors
AF
factors
auton.
lend. facil.
term oper.
refin.
surpl.
surpl.
(NCB (broad)
factors
facil
oper.
oper.
ops.)
185,7
224,3
0,4
223,9
1,5
0,0
411,5
0,0
14-mrt-07 271,5 140,0
3,9
3,9
181,8
185,3
226,2
0,3
225,8
0,1
0,0
411,5
0,0
15-mrt-07 271,5 140,0
3,6
3,4
181,8
181,9
229,6
0,3
229,3
0,0
0,0
411,5
0,0
16-mrt-07 271,5 140,0
2,4
0,0
181,8
181,9
229,6
0,3
229,3
0,0
0,0
411,5
0,0
17-mrt-07 271,5 140,0
1,8
0,0
181,8
181,9
229,6
0,3
229,3
0,0
0,0
411,5
0,0
18-mrt-07 271,5 140,0
1,5
0,0
181,8
183,7
227,7
0,3
227,4
0,0
0,0
411,5
0,0
19-mrt-07 271,5 140,0
1,5
1,9
181,8
186,9
224,5
0,3
224,2
0,0
0,0
411,5
0,0
20-mrt-07 271,5 140,0
2,1
5,1
181,8
188,8
233,2
0,3
232,8
0,2
0,2
422,0
0,0
21-mrt-07 282,0 140,0
2,7
6,9
181,8
187,1
234,9
0,3
234,6
0,0
0,0
422,0
0,0
22-mrt-07 282,0 140,0
3,0
5,3
181,8
178,4
243,5
0,3
243,2
0,0
0,0
422,0
0,0
23-mrt-07 282,0 140,0
2,3
-3,4
181,8
178,4
243,5
0,3
243,2
0,0
0,0
422,0
0,0
24-mrt-07 282,0 140,0
1,8
-3,4
181,8
178,4
243,5
0,3
243,2
0,0
0,0
422,0
0,0
25-mrt-07 282,0 140,0
1,4
-3,4
181,8
179,6
242,3
0,3
242,0
0,1
0,0
422,0
0,0
26-mrt-07 282,0 140,0
1,1
-2,2
181,8
181,6
240,4
0,3
240,1
0,0
0,0
422,0
0,0
27-mrt-07 282,0 140,0
1,0
-0,2
181,8
183,3
240,2
0,3
239,8
0,0
0,0
423,5
0,0
28-mrt-07 283,5 140,0
1,0
1,4
181,8
189,0
244,9
0,3
244,6
0,0
0,4
433,5
0,0
29-mrt-07 283,5 150,0
1,4
7,2
181,8
179,8
252,7
0,2
252,6
1,1
0,1
433,5
0,0
30-mrt-07 283,5 150,0
1,2
-2,1
181,8
179,8
252,7
0,2
252,6
1,1
0,1
433,5
0,0
31-mrt-07 283,5 150,0
1,0
-2,1
181,8
179,8
252,7
0,2
252,6
1,1
0,1
433,5
0,0
1-apr-07 283,5 150,0
0,9
-2,1
181,8
180,6
252,9
0,2
252,8
0,1
0,1
433,5
0,0
2-apr-07 283,5 150,0
0,8
-1,3
181,8
179,0
254,4
0,2
254,3
0,1
0,0
433,5
0,0
3-apr-07 283,5 150,0
0,6
-2,8
181,8
185,3
256,3
0,2
256,1
0,1
0,1
441,5
0,0
4-apr-07 291,5 150,0
0,7
3,5
181,8
185,4
257,5
0,2
257,3
0,6
2,0
441,5
0,0
5-apr-07 291,5 150,0
257,5
0,8
3,6
181,8
258,1
0,9
1,7
181,8
183,6
258,0
0,2
257,8
441,5
0,0
6-apr-07 291,5 150,0
258,1
0,9
1,7
181,8
183,6
258,0
0,2
257,8
441,5
0,0
7-apr-07 291,5 150,0
258,1
0,9
1,7
181,8
183,6
258,0
0,2
257,8
441,5
0,0
8-apr-07 291,5 150,0
258,1
1,0
1,7
181,8
183,5
258,0
0,2
257,8
441,5
0,0
9-apr-07 291,5 150,0
256,5
1,1
3,4
181,8
185,2
256,3
0,1
256,2
441,5
0,0
10-apr-07 291,5 150,0
253,5
0,8
-5,1
181,8
176,7
253,3
0,1
253,2
430,0
0,0
11-apr-07 280,0 150,0
250,8
0,7
-2,4
181,8
179,4
250,6
0,1
250,4
430,0
0,0
12-apr-07 280,0 150,0
250,3
150,0
0,6
-1,9
181,8
179,9
250,1
0,1
250,0
430,0
0,0
13-apr-07 280,0
250,3
150,0
0,6
-1,9
181,8
179,9
250,1
0,1
250,0
430,0
0,0
14-apr-07 280,0
250,3
150,0
0,5
-1,9
181,8
179,9
250,1
0,1
250,0
430,0
0,0
15-apr-07 280,0
248,0
0,5
0,3
181,8
182,2
247,8
0,1
247,7
430,0
0,0
16-apr-07 280,0 150,0
247,3
0,50
1,1
181,8
182,9
247,1
0,1
247,0
430,0
0,0
17-apr-07 280,0 150,0
244,9
7,2
7,2
182,0
189,3
244,7
0,1
244,6
434,0
0,0
18-apr-07 284,0 150,0
257,5
0,9
-5,4
182,0
176,6
257,4
0,1
257,3
434,0
0,0
19-apr-07 284,0 150,0
-1,2
-5,5
182,0
176,6
257,4
0,1
257,3
434,0
0,0
20-apr-07 284,0 150,0
Published estim. of aver. AF from 02/04/07 to 10/04/07 :
Current estimate:
256,8
256,6
CONFIDENTIAL
V. Interest rates
20
19
18
17
16
15
Accum. EONIA Marg. Dep. Marg. Min. bid
rate
MRO rate lend.
daily
rate
rate
reser.
surpl.
3,75
3,81 2,75 4,75
3,82
3,9
3,75
3,81 2,75 4,75
3,82
7,3
3,75
3,81 2,75 4,75
3,82
7,3
3,75
3,81 2,75 4,75
#NA
7,3
3,75
3,81 2,75 4,75
#NA
7,4
3,75
3,81 2,75 4,75
3,82
9,3
3,75
3,81 2,75 4,75
3,82
14,4
3,75
3,80 2,75 4,75
3,81
21,3
3,75
3,80 2,75 4,75
3,81
26,6
3,75
3,80 2,75 4,75
3,81
23,2
3,75
3,80 2,75 4,75
#NA
19,8
3,75
3,80 2,75 4,75
#NA
16,4
3,75
3,80 2,75 4,75
3,81
14,2
3,75
3,80 2,75 4,75
3,81
14,0
3,75
3,82 2,75 4,75
3,82
15,4
3,75
3,82 2,75 4,75
3,83
22,6
3,75
3,82 2,75 4,75
3,90
20,5
3,75
3,82 2,75 4,75
#NA
18,4
3,75
3,82 2,75 4,75
#NA
16,3
3,75
3,82 2,75 4,75
3,83
15,1
3,75
3,82 2,75 4,75
3,84
12,2
3,75
3,83 2,75 4,75
3,84
15,7
3,75
3,83 2,75 4,75
3,86
19,3
3,75
3,83 2,75 4,75
21,0
3,75
3,83 2,75 4,75
#NA
22,7
3,75
3,83 2,75 4,75
#NA
24,4
3,75
3,83 2,75 4,75
26,1
3,75
3,83 2,75 4,75
29,4
3,75
2,75 4,75
24,3
3,75
2,75 4,75
21,9
3,75
2,75 4,75
20,0
3,75
2,75 4,75
#NA
18,0
3,75
2,75 4,75
#NA
16,1
3,75
2,75 4,75
16,4
3,75
2,75 4,75
17,4
7,2
1,8
-3,6
Estim. of aver. curr. acc. holdings not contrib. to the fulfillment of RR: 0,10
0,70
Estim. of excess reserves in the narrow sense:
Outline presentation
1. The purpose of the ECB’s liquidity management
2. Assessment of the liquidity demand
3. Liquidity supply:
- role MRO, LTRO and FTO
- role Benchmark Allotment
4.The decision making progress
- LICO (LIquidity COmmittee)
- Liquidity Management Unit´s tasks and IT
infrastructure
- Role NCBs
-
Assessment of the liquidity demand
Time period MRO 1 week
Demand:
Autonomous factors factors (forecast)
Reserve requirements (freezed)
Excess reserves (forecast)
Standing facilities (assumption)
Liquidity needs: forecasting the autonomous factors
•
Mainly based on expert knowledge:
information on portfolio management operations, from
public debt manager, accounting department, etc.
•
Exception: banknotes
- STS-model (executed by the ECB):
- Aggregate expert forecast from NCBs
- Combined forecast:
- A weighted average of the two forecasts.
- Outperforms each of the individual forecasts.
Liquidity needs: forecasting the autonomous factors
Total autonomous factors in 2004 and 2005
(EUR millions)
Liquidity needs: forecasting the autonomous factors
Absolute values of accumulated T+5 autonomous factors forecast errors 2004-2005
(monthly averages in EUR billions)
Liquidity needs: forecasting the autonomous factors
T+5 cumulated errors in 2004 and 2003
Gov. deposits 2004
Net assets den. in euro 2004
Total AF 2003
Net foreign assets 2004
Banknotes 2004
Total AF 2004
Items in course of settlement 2004
Other autonomous factors 2004
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Strict time framework for information flow
– 8:00h CET : NCBs last working day balance sheet
– 8:35h
: NCBs forecast (at least 10 trading days) on 6
AF items
– 9:15h
: ECB publishes main LM date (current
accounts, standing facilities, total autonomous
factors) on public wire services (Bloomberg,
Reuters en Moneyline)
– 10:00h
: ECB sends aggregated information to NCBs
Outline presentation
1. The purpose of the ECB’s liquidity management
2. Assessment of the liquidity demand
3. Liquidity supply:
- role MRO and LTRO
- role Benchmark Allotment
4.The decision making progress
- LICO (LIquidity COmmittee)
- Liquidity Management Unit´s tasks and IT
infrastructure
- Role NCBs
-
Liquidity supply: main refinancing operations
•
MROs play the role of steering the liquidity conditions
and signalling the monetary policy stance.
•
Allotments are oriented towards a quantitative
benchmark allotment (BA).
•
The BA is (from 24 March 2004) now onwards
explicitly communicated to the market on
announcement day and updated BA on allotment day at
11.15h.
=> increase transparency
=> reduce risk of wrong mon. pol. signals
Liquidity supply: main refinancing operations
The benchmark allotment in a main refinancing operation [MRO] is
the allotment amount which allows counterparties to smoothly
fulfil their reserve requirements until the day before the settlement
of the next MRO, when taking into account the following
liquidity needs:
1) liquidity imbalances that have occurred previously in the same
reserve maintenance period and which were not anticipated in the
preceding MRO;
2) ECB’s forecast of the autonomous factors;
3) ECB’s forecast of excess reserves, which are assumed to be the
same on each day of the reserve maintenance period.
Liquidity supply: main refinancing operations
Benchmark
allotment can be calculated by a formula
or a “liquidity table”
Liquidity supply: main refinancing operations
M1Bench

1 

D  RR  ER  CA  H  AF  RR  ER  H  L  M 2   X  M1Mat


 


H  X  
Future liquidityneeds
Liquidityalreadyprovided
 Accumulated liquidityimbalance








Liquidity supply: main refinancing operations
Benchmark
allotment can be calculated by a formula
or a “liquidity table”
Liquidity supply: main refinancing operations
Date:
Time:
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Liquidity table
10 apr 07
(Only figures in bold characters are definitive. All other figures are subject to uncertainty. Especially the displayed
10:06 All figures in EUR billion amounts of future monetary policy operations have only the purpose of a sensitivity analysis.)
I. Open market operations
II. St. fac. III. Autonomous factors
IV. Reserve holdings
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Main Longer Other
Sum
Marg. Dep. Prev. day Auton.
Addit. Auton. Daily curr. Requ.
Daily Aver. daily
refin.
term
oper.
lend. facil.
auton.
factors
AF
factors
acc.
reser.
reser.
reser.
oper.
oper.
facil
factors
(NCB (broad)
surpl.
surpl.
ops.)
14-mrt-07
271,5 140,0
0,0
411,5
0,0
1,5
223,9
0,4
224,3
185,7
181,8
3,9
3,9
15-mrt-07
271,5 140,0
0,0
411,5
0,0
0,1
225,8
0,3
226,2
185,3
181,8
3,4
3,6
16-mrt-07
271,5 140,0
0,0
411,5
0,0
0,0
229,3
0,3
229,6
181,9
181,8
0,0
2,4
17-mrt-07
271,5 140,0
0,0
411,5
0,0
0,0
229,3
0,3
229,6
181,9
181,8
0,0
1,8
18-mrt-07
271,5 140,0
0,0
411,5
0,0
0,0
229,3
0,3
229,6
181,9
181,8
0,0
1,5
19-mrt-07
271,5 140,0
0,0
411,5
0,0
0,0
227,4
0,3
227,7
183,7
181,8
1,9
1,5
20-mrt-07
271,5 140,0
0,0
411,5
0,0
0,0
224,2
0,3
224,5
186,9
181,8
5,1
2,1
21-mrt-07
282,0 140,0
0,0
422,0
0,2
0,2
232,8
0,3
233,2
188,8
181,8
6,9
2,7
22-mrt-07
282,0 140,0
0,0
422,0
0,0
0,0
234,6
0,3
234,9
187,1
181,8
5,3
3,0
23-mrt-07
282,0 140,0
0,0
422,0
0,0
0,0
243,2
0,3
243,5
178,4
181,8
-3,4
2,3
24-mrt-07
282,0 140,0
0,0
422,0
0,0
0,0
243,2
0,3
243,5
178,4
181,8
-3,4
1,8
25-mrt-07
282,0 140,0
0,0
422,0
0,0
0,0
243,2
0,3
243,5
178,4
181,8
-3,4
1,4
26-mrt-07
282,0 140,0
0,0
422,0
0,0
0,1
242,0
0,3
242,3
179,6
181,8
-2,2
1,1
27-mrt-07
282,0 140,0
0,0
422,0
0,0
0,0
240,1
0,3
240,4
181,6
181,8
-0,2
1,0
28-mrt-07
283,5 140,0
0,0
423,5
0,0
0,0
239,8
0,3
240,2
183,3
181,8
1,4
1,0
29-mrt-07
283,5 150,0
0,0
433,5
0,4
0,0
244,6
0,3
244,9
189,0
181,8
7,2
1,4
30-mrt-07
283,5 150,0
0,0
433,5
0,1
1,1
252,6
0,2
252,7
179,8
181,8
-2,1
1,2
31-mrt-07
283,5 150,0
0,0
433,5
0,1
1,1
252,6
0,2
252,7
179,8
181,8
-2,1
1,0
1-apr-07
283,5 150,0
0,0
433,5
0,1
1,1
252,6
0,2
252,7
179,8
181,8
-2,1
0,9
2-apr-07
283,5 150,0
0,0
433,5
0,1
0,1
252,8
0,2
252,9
180,6
181,8
-1,3
0,8
3-apr-07
283,5 150,0
0,0
433,5
0,0
0,1
254,3
0,2
254,4
179,0
181,8
-2,8
0,6
4-apr-07
291,5 150,0
0,0
441,5
0,1
0,1
256,1
0,2
256,3
185,3
181,8
3,5
0,7
5-apr-07
291,5 150,0
0,0
441,5
2,0
0,6
257,3
0,2
257,5
185,4
257,5
181,8
3,6
0,8
291,5 150,0
258,1
6-apr-07
0,0
441,5
257,8
0,2
258,0
183,6
181,8
1,7
0,9
291,5 150,0
258,1
7-apr-07
0,0
441,5
257,8
0,2
258,0
183,6
181,8
1,7
0,9
291,5 150,0
258,1
8-apr-07
0,0
441,5
257,8
0,2
258,0
183,6
181,8
1,7
0,9
291,5 150,0
258,1
9-apr-07
0,0
441,5
257,8
0,2
258,0
183,5
181,8
1,7
1,0
291,5 150,0
256,5
10-apr-07
0,0
441,5
256,2
0,1
256,3
185,2
181,8
3,4
1,1
253,5
11-apr-07
280,0 150,0
0,0
430,0
253,2
0,1
253,3
176,7
181,8
-5,1
0,8
250,8
12-apr-07
280,0 150,0
0,0
430,0
250,4
0,1
250,6
179,4
181,8
-2,4
0,7
250,3
13-apr-07
280,0 150,0
0,0
430,0
250,0
0,1
250,1
179,9
181,8
-1,9
0,6
250,3
14-apr-07
280,0 150,0
0,0
430,0
250,0
0,1
250,1
179,9
181,8
-1,9
0,6
250,3
15-apr-07
280,0 150,0
0,0
430,0
250,0
0,1
250,1
179,9
181,8
-1,9
0,5
248,0
16-apr-07
280,0 150,0
0,0
430,0
247,7
0,1
247,8
182,2
181,8
0,3
0,5
247,3
17-apr-07
280,0 150,0
0,0
430,0
247,0
0,1
247,1
182,9
181,8
1,1
0,50
244,9
18-apr-07
284,0 150,0
0,0
434,0
244,6
0,1
244,7
189,3
182,0
7,2
7,2
257,5
19-apr-07
284,0 150,0
0,0
434,0
257,3
0,1
257,4
176,6
182,0
-5,4
0,9
20-apr-07
284,0 150,0
0,0
434,0
257,3
0,1
257,4
176,6
182,0
-5,5
-1,2
Published estim. of aver. AF from 02/04/07 to 10/04/07 :
Current estimate:
256,8
256,6
CONFIDENTIAL
V. Interest rates
15
16
17
18
19
20
Accum. EONIA Marg. Dep. Marg. Min. bid
daily
MRO rate lend.
rate
reser.
rate
rate
surpl.
3,82
3,81 2,75
4,75
3,75
3,9
3,82
3,81 2,75
4,75
3,75
7,3
3,82
3,81 2,75
4,75
3,75
7,3
#NA
3,81 2,75
4,75
3,75
7,3
#NA
3,81
2,75
4,75
3,75
7,4
3,82
3,81 2,75
4,75
3,75
9,3
3,82
3,81 2,75
4,75
3,75
14,4
3,81
3,80 2,75
4,75
3,75
21,3
3,81
3,80 2,75
4,75
3,75
26,6
3,81
3,80 2,75
4,75
3,75
23,2
#NA
3,80 2,75
4,75
3,75
19,8
#NA
3,80 2,75
4,75
3,75
16,4
3,81
3,80 2,75
4,75
3,75
14,2
3,81
3,80 2,75
4,75
3,75
14,0
3,82
3,82 2,75
4,75
3,75
15,4
3,83
3,82 2,75
4,75
3,75
22,6
3,90
3,82 2,75
4,75
3,75
20,5
#NA
3,82 2,75
4,75
3,75
18,4
#NA
3,82 2,75
4,75
3,75
16,3
3,83
3,82 2,75
4,75
3,75
15,1
3,84
3,82 2,75
4,75
3,75
12,2
3,84
3,83 2,75
4,75
3,75
15,7
3,86
3,83 2,75
4,75
3,75
19,3
3,83 2,75
4,75
3,75
21,0
#NA
3,83 2,75
4,75
3,75
22,7
#NA
3,83 2,75
4,75
3,75
24,4
3,83 2,75
4,75
3,75
26,1
3,83 2,75
4,75
3,75
29,4
2,75
4,75
3,75
24,3
2,75
4,75
3,75
21,9
2,75
4,75
3,75
20,0
#NA
2,75
4,75
3,75
18,0
#NA
2,75
4,75
3,75
16,1
2,75
4,75
3,75
16,4
2,75
4,75
3,75
17,4
7,2
1,8
-3,6
Estim. of aver. curr. acc. holdings not contrib. to the fulfillment of RR: 0,10
Estim. of excess reserves in the narrow sense:
0,70
Liquidity supply: main refinancing operations
•Nowadays MRO´s MP :
Benchmark Allotment plus EUR 1 billion to meet
counter parties´ preference of frontloading their reserve
requirements
Last MRO MP:
Benchmark Allotment plus EUR 1 billion
Consequence: bias for FTO last day MP!!!
Last day MP:
FTO (internal and unofficial treshold AF forecast)
Outline presentation
1. The purpose of the ECB’s liquidity management
2. Assessment of the liquidity demand
3. Liquidity supply:
- role MRO and LTRO
- role Benchmark Allotment
4.The decision making progress
- LICO (LIquidity COmmittee)
- Liquidity Management Unit´s tasks and IT
infrastructure
- Role NCBs
-
The decision making progress
MRO Announcement day (Monday): Tender announced to NCBs and
public
15:30h
Tender announced to NCBs and to public wire services.
By 17:00h One preliminary liquidity scenarios based on balance sheets
and forecasts received in the morning produced by Liquidity Management
team for discussion at the LICO (LIquidity COmmittee).
17:00h
Weekly liquidity meeting between DG Operations and DG
Economics to discuss preliminary proposal regarding the allotment
amount.
The decision making progress
MRO allotment day (Tuesday): Submission of bids and allotment of tender
ECB Liquidity management
8.00h and 8.35h
NCB and ECB balance sheets and forecasts
combined to produce the Eurosystem balance sheet
and forecast
By 10.00h
Liquidity scenarios are updated with
the new data for discussion at the
Liquidity Committee
10.15h-10.45h
Liquidity Committee meeting between
DG Operations and DG Economics
selects a liquidity scenario to propose to
the Executive Board
11.00h
Executive Board decides the allotment on the
basis of the proposal made by the Liquidity
Committee
Counterparties and NCBs
9.30h Deadline for submission of bids by counterparties
10.00h Deadline for submission of bids by NCBs
11.15h Announcement of tender results
11.20h Tender allotment results announced to public wire services and on ECB webpage
11.45h Certification of individual allotment results at the NCB level
The decision making progress
•Daily briefing major developments FX, bond, stock, money, gold
and oil market
•Participants : Front Office Division, Liquidity Management Unit
and Monetary Policy Stance
•6x times a week:
- no MRO : normal LICO (Wednesday till Friday) at 10.15h
- MRO Announcement day : normal at 10.15h and 17.00h
- MRO Allotment day : LICO at 10.15h
- One or two EB-members, proposal allotment decision to EB
meeting
The decision making progress
ECB Balance Sheet
& ECB Forecast
ENSD messages from NCBs
Balance Sheets & Forecasts
ECB Banknotes adjusted forecast
Tender calendar
Archive
(LM DataStore)
Debt Certificates changes calendar
AF changes in Next MP calendar
Liquidity Management Application
Eurosystem Balance Sheet
Autonomous Factor Forecast
Non-Aggregate Balance Sheet
Autonomous Factor Evolution
Balance Sheet Overview
Balance Sheet Comparison
Autonomous Factor Forecast
comparison
EONIA rate
Marginal MRO rate
Liquidity table
ECB key rates
Estimate of CuAc holding
+
excess reserves
Current account
/ standing facilities
Free text message field
Reuters Pages
ECB40, 42, 44
Historical data
for Internet
The decision making progress