-  Such procedure was first applied for the fine-tuning operation on 9 August, when it was deemed more efficient to leave it to the market to determine the exact allotment amount, given the large degree of uncertainty. -  A more muted variant of a fixed rate tender with full allotment was applied in the MRO on 18 December.
This operation had an exceptionally prolonged maturity of two weeks so that banks could cover their liquidity needs over Christmas and the days around the year-end in advance of this difficult period. This muted variant consisted of pre-announcing a commitment on the ECB’s side to satisfy all bids at or above the weighted average rate of the previous MRO (4.21%).