Money market report for the week ended July 29, 2016

On Monday, July 25, the European Central Bank announced its weekly main refinancing operation (MRO). The operation was conducted the following day and attracted bids from euro area eligible counterparties of €49.59 billion, €6.02 billion higher than the bid amount of the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of zero per cent, in accordance with current ECB policy. On Wednesday, July 27, the ECB conducted a three-month, longer-term refinancing operation to be settled as a fixed rate tender procedure with full allotment, with the rate fixed at the average rate of the MROs over the life of the operation. The operation attracted bids of €7.01 billion from euro area eligible counterparties. The amount was allotted in full in accordance with current ECB policy. Also on Wednesday, July 27, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $0.80 billion, which was allotted in full at a fixed rate of 0.88 per cent. Domestic Treasurybill market In the domestic primary market for Treasury bills, the Treasury...

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