On 9 August, in view of the strong demand for liquidity in the overnight market that had caused the substantial rise in very short-term market interest rates, the ECB provided a significant injection of liquidity for that day through an overnight refinancing operation.
In other words, through a so-called fine-tuning operation (FTO), the ECB lent to the market EUR 94.8 billion for one day, which helped to reduce the tensions in the overnight interest rate. In the days that followed, tensions in the money markets remained intense.