Money market report for the week ended January 20, 2023

ECB monetary operations

On January 16, the European Central Bank announced the seven-day main refinancing operation (MRO).

The operation was conducted on January 17 and attracted bids from euro area eligible counterparties of €0.85 billion, €0.11 billion less than the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 2.50 per cent, in accordance with current ECB policy.

On January 18, the ECB conducted the seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $0.38 billion, which was allotted in full at a fixed rate of 4.58 per cent.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day and 182-day bills for settlement value January 19, maturing on April 20 and July 20, respectively. Bids of €206.60 million were submitted for the 91-day bills, with the Treasury accepting €46.75 million, while bids of €14.95 million were submitted for the 182-day bills, with the Treasury accepting all bids. Since €41.60 million worth of bills matured during the week, the outstanding...