Standing facilities

Standing facilities aim to provide and absorb overnight liquidity, signal the general monetary policy stance and constrain overnight market interest rates. Two standing facilities, which are administered in a decentralised manner by the NCBs, are available to eligible counterparties on their own initiative.     

The time limit to request access to the standing facilities is half an hour after the close of TARGET2, except on the last working day of the reserve maintenance period, when the time limit is an hour.

Marginal lending facility

Counterparties can use the marginal lending facility to obtain overnight liquidity from the NCBs against eligible assets. The interest rate on the marginal lending facility normally provides a ceiling for the overnight market interest rate.

Deposit facility

Counterparties can use the deposit facility to make overnight deposits with the NCBs. The interest rate on the deposit facility normally provides a floor for the overnight market interest rate.