Standing facilities

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Standing facilities are aimed at providing and absorbing overnight liquidity, signal the general stance of monetary policy and bound overnight market interest rates. Two standing facilities are available to eligible counterparties on their own initiative, subject to their fulfi lment of certain operational access conditions

• Counterparties can use the marginal lending facility to obtain overnight liquidity from the national central banks against eligible assets. Under normal circumstances, there are no credit limits or other restrictions on counterparties' access to the facility, apart from the requirement to present suffi cient underlying assets. The interest rate on the marginal lending facility normally provides a ceiling for the overnight market interest rate.
• Counterparties can use the deposit facility to make overnight deposits with the national central banks. Under normal circumstances, there are no deposit limits or other restrictions on counterparties' access to the facility. The interest rate on the deposit facility normally provides a fl oor for the overnight market interest rate. The standing facilities are administered in a decentralised manner by the national central banks.

 http://www.ecb.int/mopo/implement/sf/html/index.en.html

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