Eurosystem calendars

Indicative calendar for the Eurosystem's tender operations  

The main refinancing operations and longer-term refinancing operations are conducted on the basis of an indicative calendar drawn up yearly.

Indicative calendar for the Eurosystem's reserve maintenance periods

Compliance with the reserve requirement is determined based on the average of the end-of-day balances on the counterparties' reserve accounts in a 6 or 7 week period, known as the maintenance period.  

Maintenance periods start on the settlement day of the first main refinancing operation following the monthly monetary policy meeting of the ECB's Governing Council.

To facilitate banks' operational planning, a calendar of the maintenance periods is published periodically.

Calendar for monetary policy test sessions - tender operations

To meet the requirements of the banks involved, the Bank of Italy periodically publishes calendars with the dates on which the procedures will be tested.