Third, the ECB has continued its policy of providing a higher share of liquidity on a longerterm basis by renewing our supplementary three-month longer-term refinancing operations. Moreover, in April 2008 the Eurosystem conducted a supplementary longer-term refinancing operation with a six-month maturity and announced another one for July 2008.
It is to be noted that the total amount of outstanding refinancing remained unchanged, as we reduced the share provided via the one-week main refinancing operations. Fourth, to ensure the availability of funding denominated in US dollars, the ECB has continued the conduct of term auction facilities in cooperation with the US Federal Reserve.