From 5 November 2025 to 10 February 2026, the European Central Bank reported a continued decline in excess liquidity in the euro‑area banking system, falling by €143 billion to €2,470 billion. Liquidity provision through monetary‑policy instruments also fell by €125 billion, mainly because of the maturing of Asset Purchase Programme and Pandemic Emergency Purchase Programme holdings. Net autonomous factors rose by €17 billion, driven by an increase in banknotes in circulation and a rise in net foreign assets, while net assets denominated in euro fell by €16 billion. The average amount of main refinancing operations increased by €4 billion to €13 billion, whereas longer‑term refinancing operations fell by €1 billion. The Governing Council kept the deposit facility, MRO and marginal lending rates unchanged at 2.00%, 2.15% and 2.40%.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
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