From 11 February to 5 May 2026, the European Central Bank reported a decline in excess liquidity and overall liquidity provision in the euro area banking system. Average excess liquidity fell by €112 billion to €2.358 trillion, while liquidity supplied through monetary policy instruments dropped by €145 billion to €3.632 trillion, mainly due to the reduction of Eurosystem holdings under the asset purchase programme (APP) and the pandemic emergency purchase programme (PEPP). The average daily liquidity needs of banks fell by €33 billion to €1.273 trillion, driven by a €35 billion rise in liquidity‑providing autonomous factors and a slight €3 billion increase in minimum reserve requirements. Key ECB interest rates—deposit facility (2.00 %), main refinancing operations (2.15 %) and marginal lending (2.40 %)—remained unchanged. The euro short‑term rate edged up marginally, and the repo rate stayed slightly above the deposit facility rate. Bank participation in regular credit operations remains limited, but more banks are preparing to use these facilities.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
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