At maximum of 1 percentage point above the O/N borrowing rate of the Central Bank announced for the intra-day transactions and to reduce fluctuations in O/N interest rates, in cases where the liquidity shortage in the market is envisaged temporary and when the technical interest rate cut explained in paragraph 48 is not applied,  b. At approximately the mid point of the O/N borrowing and lending rates of the Central Bank, in cases where the liquidity shortage in the market is envisaged permanent and the technical interest rate cut explained in paragraph 48 is applied. (iv)  The weekly repo auctions will be executed at 11:00 and the results will be announced on Reuters’ CBTG page no later than 11:30. The traditional auction method will be used in auctions; in other words, the successful bidders will be evaluated with their own interest rates. (v)  In case of unforeseen excessive liquidity shortage during the day, which would exert excessive pressure on money market interest rates, the CBRT may announce “Intra-day Repo Auctions” in addition to the regular ones. (vi)  The primary dealer banks will be able to conduct repo transactions within the framework of open market operations, between 10.00–12.00 and 13.00–16.00 hours.
The same is true for your Study group: you are about to release a seemingly very attractive study on “net worth at risk” which aims at describing the ability of companies to face an external financial shock, with a focus on recent years: it will certainly attract a lot of attention when you publish this work. As it is time to conclude, I would like first to confirm that BDF, a founding member of the ECCSBO, is still very dedicated in all that is related with corporate analysis. Your presence here today is certainly the expression of a commitment similar to our own one; it is a good augur for your future works and an encouragement for our joint efforts to be pursued. Finally, I would like to thank personally President Manuel Ortega because I know all what you do to keep the dynamics of this Committee. Many thanks also to all of you for being here today, for your support and your participation in this meeting, because I have  2  BIS central bankers’ speeches  no doubt that you will have fruitful debates. If I may, I would add a special thanks for my colleagues from the Companies Directorate and for the protocol office, who deployed a lot of efforts in organising this event for the better: without their help we wouldn’t have been able to meet at this venue. Thank you for your attention. BIS central bankers’ speeches  3