The Eurosystem may conduct fine-tuning operations in order to smooth unexpected liquidity fluctuations rapidly.
The operational features are as follows:
- The operations are liquidity-providing or liquidity-absorbing transactions.
- They are carried out on an ad hoc basis.
- Their maturity is not standardised.
- The Eurosystem can limit the number of participating counterparties.
- All assets included in the single framework for eligible assets of the Eurosystem (see Eligible assets in the Eurosystem) are eligible as collateral for fine-tuning reverse operations.