The Eurosystem then satisfies first the bids with the highest interest rates. The use of a variable rate in these  BIS Review 100/2007  1  subsequent overnight liquidity-providing operations was in line with our usual practice.
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.