Monetary policy

Interest rates

The principal way to influence price stability is for the ECB to raise or lower interest rates – interest rates on short-term rates, that is, which central banks provide to commercial banks. To control interest rates, the ECB employs a two-pronged strategy.

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Information for counterparties

This page offers DNB’s counterparties information on the implementation of the monetary policy transactions of the Eurosystem.

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Reverse auctions under the PSPP

DNB conducts reverse auctions for some of its outright purchases under the public sector purchase programme (PSPP).

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Monetary policy instruments

The Eurosystem uses three monetary policy instruments to influence the liquidity position of the banking sector. In normal times, these instruments help maintain price stability by steering the short-term money market rate to the key policy rate determined by the ECB.

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QE & securities lending

DNB is making the holdings of securities purchased under the public sector purchase programme (PSPP) available for securities lending.

Read more about: QE & securities lending