4  BIS central bankers’ speeches  A snapshot of the practice in the Fed, the BoE and the ECB is given in Table below (Table). Table: Key features of major Central Banks operating procedures  MSF= Marginal Standing Facility; and ECR = Export Credit Refinance (available at repo rate up to 15 per cent of outstanding export credit); LAF= Liquidity Adjustment Facility.
* Since March 2009, BOE has suspended the reserve averaging regime and short-term open market operations on account of its asset purchases through creation of central bank reserves (known as quantitative easing). Source: Adapted for advanced countries from Friedman B.M. and Kenneth N. Kuttner, Handbook of Monetary Economics, Vol.3B, North Holland, 2011.