Money market report for the week ending September 28

On September 24, the European Central Bank announced its weekly main refinancing operation (MRO). The operation was conducted on September 25 and attracted bids from euro area eligible counterparties of €6.43 billion, €1.47 billion higher than the bid amount of the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of zero per cent, in accordance with current ECB policy.

On September 26, the ECB conducted a three-month, longer-term refinancing operation to be settled as a fixed rate tender procedure with full allotment, with the rate fixed at the average rate of the MROs over the life of the operation. The operation attracted bids of €1.26 billion from euro area eligible counterparties. The amount was allotted in full in accordance with current ECB policy.

Also on September 26, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $0.07 billion, which was allotted in full at a fixed rate of 2.67 per cent.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for...