2013年-ECB欧洲央行_Liquidity_conditions_and_monetary_policy_operations_in_the_period_from_14_November_2012_to_12_February_2013_4页_328kb

Summary of Liquidity Conditions and Monetary Policy Operations (14 November 2012 – 12 February 2013)

Core Content

This summary outlines the ECB's open market operations and liquidity conditions in the euro area during the period from 14 November 2012 to 12 February 2013. It details the types of operations conducted, the evolution of liquidity supply and demand, and the impact of monetary policy decisions on the financial market.

Main Refinancing Operations (MROs)

• The ECB continued to conduct MROs as fixed rate tender procedures with full allotment.
• The fixed rate for MROs was the same as the rate prevailing at the time.
• The three-month LTROs were also conducted using the same fixed rate tender procedure, with rates fixed at the average of the MRO rates over the life of the operation.
• Banks participating in the three-year LTRO (allotted on 21 December 2011) had the option of early repayment after one year, starting on 30 January 2013.

Key ECB Interest Rates

• The key ECB interest rates remained unchanged throughout the period.
  • Main refinancing rate: 0.75%
  • Marginal lending facility rate: 1.50%
  • Deposit facility rate: 0.00%

Liquidity Needs of the Banking System

• The aggregate daily liquidity needs of the banking system averaged €575.7 billion, an increase of €54.8 billion compared to the previous three maintenance periods.
• Reserve requirements averaged €105.9 billion, slightly lower than the previous period (€106.8 billion).
• Autonomous factors increased by €55.7 billion to €469.7 billion, mainly due to higher government deposits.
• Excess liquidity holdings averaged €382.5 billion, a decrease of €45.8 billion from the previous period.

Liquidity Supply

• The total net liquidity supplied through open market operations averaged €1,175.9 billion, a significant decrease of €68.7 billion compared to the previous three maintenance periods.
• Tender operations provided an average of €900 billion, €65.3 billion less than in the previous period.
• Weekly MROs averaged €76.3 billion during the first two maintenance periods, rising to €127.5 billion in the third period.
• The overall daily average liquidity supplied was €92.0 billion, compared to €110.4 billion in the previous period.
• Special-term refinancing operations (one maintenance period maturity) provided an average of €14.0 billion per day.
• Three-month LTROs provided €30.0 billion on average per day, down from €40.1 billion in the previous period.
• Three-year LTROs provided an average of €971.5 billion daily, a decrease from €1,000.3 billion in the previous period due to early repayments of €149.4 billion from the first three-year LTRO.

Liquidity Provision through Other Programmes

• The CBPP, CBPP2 and SMP portfolios contributed €275.9 billion in liquidity supply during the period.
• The maturing amounts in these portfolios reached €3.4 billion.
• Outstanding liquidity from the CBPP (completed in June 2010) stood at €48.9 billion on 12 February 2013.
• Settled purchases under CBPP2 (ended on 31 October 2012) were €16.3 billion.
• The net value of settled purchases under the SMP decreased by €2.0 billion to €205.4 billion.
• Weekly fine-tuning operations were used to neutralise the liquidity-providing effect of the SMP, with the ECB fully absorbing the liquidity in nearly all operations.

Use of Standing Facilities

• Excess liquidity averaged €602.2 billion, a decrease from €724.8 billion in the previous period.
• Recourse to the marginal lending facility remained very low, at €2.0 billion (up from €1.0 billion).
• Recourse to the deposit facility decreased from €296.1 billion to €219.7 billion.
• Net recourse to the deposit facility was €217.7 billion, a significant reduction of €77.3 billion compared to the previous period.

Impact on Money Market Rates

• Despite early repayments from the three-year LTRO, excess liquidity remained ample.
• As a result, EONIA (Euro Interbank Offered Average Rate) and other very short-term money market rates remained low.
• EONIA averaged 0.072% during the period, which was 67.8 basis points below the main refinancing rate.
• EONIA reached a historical low of 0.06% on 21 December 2012.

Key Observations

• The ECB maintained stable interest rates and continued using fixed rate tender procedures for MROs and LTROs.
• The reduction in the deposit facility rate to zero in July 2012 led to higher current account holdings and lower use of the deposit facility.
• The early repayment of the first three-year LTRO significantly reduced excess liquidity in the market.
• The SMP and other liquidity-providing programmes were used to support the market, but their liquidity effect was neutralised through fine-tuning operations.