2013年-ECB欧洲央行_Liquidity_conditions_and_monetary_policy_operations_in_the_period_from_7_August_2013_to_12_November_2013_4页_359kb

ECB Monetary Policy Operations Summary (7 August 2013 – 12 November 2013)

Core Content

This document provides an overview of the European Central Bank's (ECB) monetary policy operations during the eighth, ninth, and tenth maintenance periods of 2013. It outlines the liquidity conditions, the types and rates of monetary policy instruments used, and the impact of these operations on the banking system's liquidity supply and demand.

Main Refinancing Operations

• Main Refinancing Operations (MROs): Conducted as fixed rate tender procedures with full allotment throughout the review period.
• Special-Term Refinancing Operations: Also conducted as fixed rate tender procedures with full allotment, using the same rate as the MRO rate at the time.
• Three-Month Longer-Term Refinancing Operations (LTROs): Conducted as fixed rate tender procedures with full allotment. The interest rate was set at the average of the MRO rates over the lifetime of the LTRO.
• Key ECB Interest Rates: Remained unchanged during the review period. The MRO rate reduction on 7 November only took effect from the beginning of the eleventh maintenance period.

Liquidity Needs

• Aggregate Daily Liquidity Needs: Averaged €604.7 billion, a decrease of €5.1 billion compared to the previous review period.
• Reserve Requirements: Declined from €105.0 billion to €104.2 billion.
• Autonomous Factors: Contributed more to the decrease in liquidity needs, dropping from €504.9 billion to €500.5 billion.
  • Government Deposits: The main driver of the reduction, decreasing by €16.1 billion to average €74.1 billion.
  • Fluctuations: Autonomous factors fluctuated by up to €53.2 billion, with significant variations from the Banca d'Italia due to monthly tax collections and salary/pension payments.
• Banknotes in Circulation: Increased by €10 billion, but at a slower pace than in previous periods, due to seasonal demand from tourism activities.

Liquidity Supply

• Average Liquidity Provided: Declined from €879.4 billion to €826.2 billion.
• Tender Operations: Averaged €578.2 billion, a decrease of €43.8 billion.
• Weekly MROs: Averaged €94.7 billion, down by €10.3 billion compared to the previous review period.
• LTROs and Special-Term Refinancing Operations: Contributed €21.8 billion daily to liquidity supply, continuing a downward trend from €43.8 billion previously.
  • Three-Year LTROs: Averaged €651.5 billion daily, with counterparties repaying €54.7 billion during the period.
  • Repayments: Increased notably in the ninth and tenth maintenance periods, reaching €20.1 billion and €26.1 billion respectively.
• Securities Held for Monetary Policy Purposes: Averaged €248 billion, down €9.3 billion from the previous review period.
  • CBPP: Outstanding amount stood at €42.0 billion, down €2.1 billion due to maturing securities.
  • CBPP2: Outstanding amount was €15.5 billion, with €0.3 billion of securities maturing.
  • SMP: Outstanding value decreased by €8.5 billion, ending at €184.1 billion.

Excess Liquidity

• Average Excess Liquidity: Decreased from €269.5 billion to €221.5 billion.
• Volatility: Fluctuated within the review period, ranging from €263.4 billion to €157.2 billion.
• Distribution:
  • Deposit Facility: Held about 29% of excess liquidity.
  • Excess Reserves: Held about 71% of excess liquidity.
• EONIA: Averaged 0.085%, slightly down from 0.086% in the preceding periods. It reached 0.092% in the maintenance period ending on 12 November 2013, the lowest level since the first three-year LTRO.

Key Points

• The ECB maintained a consistent approach to monetary policy operations, using fixed rate tender procedures for MROs, special-term refinancing operations, and LTROs.
• The decline in liquidity needs was primarily driven by reduced government deposits and slower growth in banknotes in circulation.
• Excess liquidity continued to fall, with the deposit facility rate equal to the remuneration of excess reserves, leading to a stable distribution between the two.
• Interest rates on the marginal lending facility, MROs, and deposit facility remained unchanged, while EONIA showed a slight downward trend.