FRANKFURT (MNI) – The European Central Bank said it drained E74.814
billion from the Eurozone money market Tuesday in a one-day liquidity
absorbing fine-tuning operation.

The central bank said it received 119 bids totaling E75.404 billion
for the operation.

The deposits pay a weighted average rate of 1.03% and a marginal
rate of 1.05%. The minimum bid was 1.2%.

Earlier today the ECB said that liquidity absorbing fine tuning
operation aimed to counter “a large positive liquidity imbalance.”

The ECB also drained E74.0 billion from the banking system earlier
Tuesday as part of its regular sterilization of its purchases of
Eurozone government bonds.

At that operation, the weighted average allotment rate was 1.39%,
the lowest rate was 0.9%, and the highest rate accepted, or the marginal
rate, was 1.46%, the ECB reported earlier Tuesday.

— Frankfurt bureau: +49 69 720 142; email: —

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