Standing facilities
Deposit facility (overnight money)
Counterparties may make overnight deposits at the Bank until the start of the next business day at the deposit facility rate. Applications for overnight deposits can be submitted on any business day up to the specified cut-off time using the relevant form (they may also be submitted by fax, in which case written confirmation is not issued).
The deposit is due for repayment with the accrued interest at the beginning of the business day following the day on which the deposit was made; this amount is credited to the account from which it was debited.
Notes on overnight money
- Applications to be submitted to the Bundesbank account-holding branch by 15.30.
- Applications to be submitted to the central specialist contact point (ZfA) at the Frankfurt am Main Branch after 15.30 and on those particular Eurosystem business days on which the Bundesbank’s branches are not open for business (ie on all national public holidays that are not TARGET2 public holidays).
- Applications to be submitted up to 15 minutes after close of TARGET2 and 30 minutes after the close of TARGET2 on the last business day of a reserve maintenance period. If the TARGET2 opening time is extended, the cut-off time for overnight money is likewise extended.
- Business days for monetary policy operations are all TARGET2 business days. An overview of the TARGET2 public holidays can be found in the right-hand column.
Marginal lending facility (overnight credit)
The Bank grants counterparties overnight credit until the start of the next business day at the marginal lending facility rate against collateralisation via the collateral account. Applications for overnight credit can be submitted on any business day up to a specified cut-off time using the relevant form.
An overdraft existing at the end of a business day is deemed to be an application by the counterparty for overnight credit in the amount of the overdraft. A separate application is not required in this case.
The overnight credit is due for repayment with interest on the business day following the day on which it was drawn. The relevant overall amount is debited from the counterparty's giro account at the beginning of this business day.
Notes on the overnight credit
- Applications to be faxed to the Securities Settlement and Collateral Management division at the Bundesbank’s Central Office in Frankfurt am Main (069 2388 1407; written confirmation is not issued).
- Applications to be submitted up to 15 minutes after close of TARGET2 and 30 minutes after the close of TARGET2 on the last business day of a reserve maintenance period. If the TARGET2 opening time is extended, the cut-off time for overnight credit is likewise extended.
