Thanks to these operations, on each day from 9 to 14 August the ECB provided additional euro liquidity above what is needed by the banking system under normal circumstance. It rolled over a progressively smaller amount on each day, as the rates and amounts bid by banks in our tenders became progressively lower.
On 14 August, the first Tuesday following the start of the tensions in the money market, the ECB resorted to its standard instrument for market operations, namely its one-week main refinancing operation which is usually allotted on Tuesdays. With a view to ensuring orderly conditions in the money markets, the ECB allotted significantly larger amounts of liquidity than it would have under normal circumstances.