In the early stages of the pandemic, liquidity was supplied via OMOs and hence the domestic repo market, while the foreign exchange swap book was allowed to run off (Graph 4). There was also a sizeable increase attributable to the Bank's purchases of government bonds.
More recently the TFF has played an increasing role; most of banks' initial allowances were drawn down by the 30 September deadline for that part of the facility. At the same time, short-term repos have been rolling off.