Money market report for the week ended April 2, 2021

ECB monetary operations

On March 29, the European Central Bank announced the seven-day main refinancing operations (MRO). The operation was conducted on March 30 and attracted bids from euro area eligible counterparties of €461 million, €190 million more than 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 March 31, the ECB conducted the 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 MRO rate over the life of the operation. The operation attracted bids of €93 million from euro area eligible counterparties.

Also on March 31, the ECB conducted the seven-day and 84-day US dollar funding operations through collateralised lending in conjunction with the US Federal Reserve. The seven-day USD operation attracted bids of $213 million, which was allotted in full at a fixed rate of 0.32 per cent. The 84-day USD operation attracted bids of $5 million, which was allotted in full also at a fixed rate of 0.32 per cent.

Domestic Treasury bill market

In the domestic primary...