The total value of transactions settled was therefore almost EUR 1,000 billion. In addition to the news concerning TARGET, the ECB also informed you, by means of a press release on 5 January 1999, that its first refinancing operation – announced on 4 January 1999 – was completed successfully. Also here, the Governing Council obviously recognised that a learning process is still under way.
The Governing Council will continue studying the best ways to adapt the liquidity provision to the changing conditions of this initial period. As a final point, as indicated at our press conference on 22 December 1998, the Governing Council today revisited the issue of front-loading euro banknotes and coins.