The Eurosystem conducts monthly longer-term refinancing basic tender operations with a three-month maturity in order to steady the supply of liquidity and to assist banks which are active in the money market in the security of their operations.

The Deutsche Bundesbank generally provides to other central banks the same range of services available to cash business partners. Moreover, the Deutsche Bundesbank and the Banco de España provide services to national central banks through the Cash Processing Center (CPC).

Die Hauptverwaltungen überwachen im Rahmen der Bankenaufsicht die Kreditinstitute und Finanzdienstleister in ihrer Region.

There are various documents available explaining how TIPS works, including, amongst others, the Guide for TARGET Participants, the User Detailed Functional Specifications and the user handbooks. These and further documents can be found here.

Die Hauptverwaltungen überwachen im Rahmen der Bankenaufsicht die Kreditinstitute und Finanzdienstleister in ihrer Region.

The certificate is self-signed with the SHA-256 algorithm and is valid for twelve years.

In July, households in Germany adjusted their expectations for real estate prices in their region slightly downwards. With an expected increase of 5.3 % on average for the next twelve months, they were 0.1 percentage point lower than the previous month’s figure of 5.4 %. When asked about their qualitative expectations in July, 61 % of households expected real estate prices to increase (June: 60 %) and an unchanged 7 % expected them to decrease during this period.

Since 2014, the European Central Bank has been responsible for supervising the particularly significant banks in Germany. Joint teams from the ECB and the national supervisory authorities carry out operational supervision.