Last December, the ECB announced that it will review how it is to control interest rates in the future. The outcome of the review will also impact the size and composition of the Eurosystem’s balance sheet in the future.
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The Bank of Finland grants credit against collateral to Finnish banks. During the pandemic, credit operations have facilitated bank lending to businesses and households, and their uptake has been record-high.
The aim of the two-tier system for remunerating excess liquidity holdings is to promote monetary policy transmission via banks to firms and households. The system is part of the ECB Governing Council’s broad package of monetary accommodation.