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THE SINGLE MONETARY POLICY IN STAGE THREE
GENERAL DOCUMENTATION ON ESCB MONETARY POLICY INSTRUMENTS AND PROCEDURESSeptember 1997
Introduction
Chapter 1 - Overview of the Monetary Policy Framework
1.1 The European System of Central Banks
1.2 Objectives of the ESCB
1.3 ESCB Monetary Policy Instruments
1.3.1 Open Market Operations
1.3.2 Standing Facilities
1.3.3 Minimum Reserves1.4 Counterparties
1.5 Underlying Assets
1.6 Modifications to the Monetary Policy Framework
Chapter 2 - Eligible Counterparties
2.1 General Eligibility Criteria
2.2 Selection of Counterparties for Quick Tenders and Bilateral Operations
Chapter 3 - Open Market Operations
3.1 Reverse Transactions
3.1.1 General Considerations
3.1.2 Main Refinancing Operations
3.1.3 Longer-Term Refinancing Operations
3.1.4 Fine-Tuning Reverse Operations
3.1.5 Structural Reverse Operations3.2 Outright Transactions
3.3 Issuance of Debt Certificates
3.4 Foreign Exchange Swaps
3.5 Collection of Fixed-Term Deposits
Chapter 4 - Standing Facilities
4.1 The Marginal Lending Facility
4.2 The Deposit Facility
Chapter 5 - Procedures
5.1 Tender Procedures
5.1.1 General Considerations
5.1.2 Tender Operations Calendar
5.1.3 Announcement of Tender Operations
5.1.4 Counterparties' Preparation and Submission of Tender Bids
5.1.5 Tender Allotment Procedures
5.1.6 Announcement of Tender Results5.2 Procedures for Bilateral Operations
5.3 Settlement Procedures
5.3.1 General Considerations
5.3.2 Settlement of Open Market Operations
5.3.3 End-of-Day ProceduresChapter 6 - Elegible Assets
6.1 General Considerations
6.2 Tier One Assets
6.3 Tier Two Assets
6.4 Risk Control Measures
6.4.1 Risk Control Measures for Tier One Assets
6.4.2 Risk Control Measures for Tier Two Assets6.5 Valuation Principles for Underlying Assets
6.6 Cross-Border Use of Eligible Assets
Chapter 7 - Minimum Reserves
7.1 General Considerations
7.2 Institutions Subject to Minimum Reserves
7.3 Determination of Minimum Reserves
7.4 Maintenance of Reserve Holdings
7.5 Reporting and Verification of the Reserve Base
7.6 Non-Compliance with Minimum Reserve Obligations
Chapter 8 - Transitional Provisions
8.1 Open Market Operations and Standing Facilities
8.2 Minimum Reserves
Annexes
Annex 1: Examples of Monetary Policy Operations and Procedures
Annex 2: Glossary
Annex 3: Rules for Holdings of Minimum Reserves through an Intermediary
Annex 4: Selection of Counterparties for Foreign Exchange Operations and Foreign Exchange Swaps for Monetary Policy Purposes
Annex 5: The Reporting Framework for the ECB's Money and Banking Statistics
List of Charts, Tables and Explanatory Boxes
Charts
Chart 1. Normal time frame for the operational steps for standard tenders
Chart 2. Normal time frame for the operational steps for quick tenders
Chart 3. The Correspondent Central Banking ModelTables
Table 1. ESCB monetary policy operations
Table 2. Normal trade days for the main and the longer-term refinancing operations
Table 3. Normal settlement dates for ESCB open market operations
Table 4. Eligible assetsExplanatory Boxes
Box 1. Issuance of debt certificates
Box 2. Foreign exchange swap operations
Box 3. Operational steps for tender procedures
Box 4. Allotment of fixed rate tenders
Box 5. Allotment of variable rate tenders in euro
Box 6. Allotment of variable rate foreign exchange swap tenders
Box 7. Risk control measures
Box 8. Potential reserve base
©1997, European Monetary Institute
ECB - European Central Bank
