The Bank has introduced and enhanced the following three measures since March: (1) purchases of CP and corporate bonds, (2) the Special Funds-Supplying Operations to Facilitate Financing in Response to the Novel Coronavirus (COVID-19), and (3) the new fund-provisioning measure.
No twelve-month refinancing operations have been offered in 2010. The operation that resulted in the unprecedented liquidity injection of over € billion a year ago reached maturity on 1 July. In the auctions held in the past two weeks banks requested far less than the amounts maturing, resulting in a significant reduction of excess liquidity.