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Conducting open market operations...

Автор: olegj от 5-05-2013, 16:11

Conducting open market operations...

Conducting open market operations play an important role in the monetary policy of the ESCB in order to influence the interest rate, the overall management of liquidity of the money market and anticipate possible difficulties in the conduct of monetary policy. To conduct open market operations at the disposal of the ESCB are four financial instrument. The most important of these are refinancing operations applied on the basis of appropriate agreements to resell loans or pledged loans.

ESCB may also be to issue debt certificates, the operations of foreign exchange and deposit for a limited time. It is also possible operations based on standard tenders, urgent tenders or bilateral procedures.

Conducting open market operations...

Depending on the purpose, the frequency and taken steps to open market operations carried out by the ESCB, can be divided into four main categories: 1. The main refinancing operations play a pivotal role in the regulation of interest rates, management of market liquidity and clarifying the meaning of the ECB conducted monetary policy. It is these operations provide the bulk of refinancing of the private sector. The distinctive features of the main refinancing operations are the following: o working only in one direction, to transfer additional liquid to the private sector means; o held regularly every week; o usually have maturities of two weeks; o decentralized operations are carried out through national central banks; o access to them is provided on the basis of standard tenders; o all counterparties that meet the general criteria for participation in tenders, may be an application for participation in them; o accepted as collateral assets as of the first and second category. 2. Long-term refinancing operations are designed to provide the required level of long-term refinancing operations.

They do not serve as a means of regulating interest rates and provided on the basis of current market rates, so it is usually in tenders on the basis of variable interest rates. Only in exceptional circumstances the ESCB may hold tenders on the basis of fixed interest rates. Using these operations, the ESCB does not intend to exert any pressure on the money market, and will act as a regular recipient of borrowing. The volume of these transactions is limited and relatively small.

Conducting open market operations...

Distinctive features of the long-term refinancing operations: o serve as a means to provide liquidity; o held regularly every month; o usually have maturities of three months; o be decentralized through the national central banks; o conducted on the basis of standard tenders; o all counterparties that meet the general criteria for submission of tenders, can apply to participate in them; o as collateral, in principle, the assets may be taken and the first and second categories. However, with the consent of the Board of Governors of the ECB National central banks have the right to impose certain restrictions on both size and composition of the collateral. 3. Reverse transactions "fine tuning" are carried out using the tool back transactions (through additional reverse transactions, the sale and purchase of assets under simple forward contracts), in addition, the ESCB may take deposits and carry out foreign exchange transactions "swap".

The purpose of these operations - have an impact on the liquidity position in the market and interest rates, in particular in order to smooth the effects of unexpected changes in the amount of liquidity in the market interest rates. The potential importance of quick action leads to the desire of the ESCB to maintain high degree of flexibility in the choice of procedures and specific forms of this type of operation. Reverse transactions "fine-tuning" has the following features: o can be used both to provide, and for the withdrawal of liquidity; o can be both regular and non-regular; o have a maturity of a priori, which is not regulated; o operations, aimed at providing liquidity and are generally made on the basis of quick tenders, although it is not ruled out the possibility of using bilateral procedures; o operations with a view to absorbing liquidity is usually conducted through bilateral procedures; o usually be decentralized through the national central banks (under exceptional circumstances, the Board of Governors of the ECB may decide to hold a bilateral exchange transactions directly to the ECB);

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