Counterparties encouraged to regularly test access to Eurosystem refinancing operations

Counterparties are invited to access Eurosystem standard refinancing operations at least once a year, with a bid amount at their discretion.

These operations are considered an essential part of banks’ daily liquidity management.

Although excess liquidity remains significant, the amount of central bank liquidity available to banks in the euro area has decreased from its peak at the end of 2022 and is expected to decline gradually as the Eurosystem balance sheet normalizes.

Starting in 2026, the ECB expects counterparties to enhance their operational preparedness by voluntarily testing their access to the main refinancing operations (MROs) and/or the three-month longer-term refinancing operations (LTROs) at least once per year, with a bid amount at their discretion and collateral in accordance with the Eurosystem general collateral framework.

Periodic testing supports the smooth implementation of monetary policy, maintains operational framework readiness, and allows counterparties to evaluate their preparedness.

Further details on the testing modalities are available through the relevant national central banks.