Money market report for the week ended May 22

ECB monetary operations On May 18, the European Central Bank announced a seven-day Main Refinancing Operation (MRO). The operation was conducted on May 19 and attracted bids from euro area eligible counterparties of €0.18 billion, €0.09 billion less 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 May 19, the ECB conducted the Additional Longer-term Refinancing Operation maturing on June 24, which attracted bids from euro area eligible counterparties of €8.73 billion. This operation was carried out through a fixed rate tender procedure with full allotment, with an interest rate that is equal to the average deposit facility rate during the life of the operation. On May 20, the ECB conducted the Pandemic Emergency Longer-term Refinancing Operation (PELTRO) maturing on September 30, 2021, which attracted bids from euro area eligible counterparties of €0.85 billion. This operation was carried out through a fixed rate tender procedure with full allotment, with an interest rate that is equal to 25 basis points below the average MRO rate over the...