Fine-tuning operations

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.