Question

What are the ECB´s long-term refinancing operations?

Answer 1

Repo auctions are held by the European Central Bank as weekly major refinancing operations (MRO) with a biweekly maturity and monthly longer term refinancing operations (LTRO) with a three-month maturity. LTRO refinancing totaled 45 billion euros in 2003, accounting for nearly 20% of the ECB's total liquidity.