Operations, rates and collateral

ECB measures regarding the coronavirus crisis

The ECB has taken several monetary measures during the coronavirus crisis. Their aim is to help the euro area economy withstand the shock of this crisis.

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Policy instruments

The Eurosystem can influence the banking system’s liquidity position by means of three monetary policy instruments, i.e. reserve requirements, open market operations and standing facilities.

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Purchase programmes

DNB and the other central banks of the Eurosystem implement various purchase programmes. Their objective is to support the euro area economy.

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ECB interest rates

The ECB Governing Council sets the key interest rates for the euro area on a monthly basis: the (minimum bid) rate on the main refinancing operations that are the basis for money market rates and the rates on the marginal lending facility and the deposit facility.

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Eligible assets

Assets used in the ECB's monetary policy transactions and for payment system purposes must meet the Eurosystem's eligibility criteria.

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Information for counterparties

In principle, institutions with a minimum reserve requirement have access to the standing facilities of the Eurosystem and can participate in the Eurosystem’s monetary policy operations.

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Auctions under the purchase programmes

DNB conducts reverse auctions for some of its outright purchases of public sector debt.

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QE & securities lending

In 2014 the Eurosystem initiated an asset purchase programma (APP) as part of its unconventional monetary policy toolkipt. Under the APP, the Eurosystem purchases debt securities issued by public sector entities (PSPP), covered bonds issued by banks (CBPP3), investment grade corporate bonds (CSPP) and asset back securities (ABSPP). In 2020 the existing purchase programmes have been complemented by the addition of the Pandemic Emergency Purchase Programme. The majority of purchases conducted for the APP and PEPP in the Netherlands is executed by DNB. DNB is making the holdings of securities purchased under the public sector purchase programme (PSPP and PEPP) available for securities lending.

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