For this specific operation, we announced that we would satisfy all bids received at 4.21 percent or above, the 4.21 percent level being the weighted average rate of the previous main refinancing operation one week before. This announcement was consistent with our earlier communication and actions.
It aims at minimising the uncertainty banks face when bidding at this operation which is covering the end of the year, and at keeping interest rates close to the ECB’s minimum bid rate.