Fine tuning operation on 12 September 2001

In line with yesterday's announcement that the Eurosystem stands ready to support the normal functioning of the markets and will provide liquidity if need be, the Eurosystem is conducting a liquidity providing fine tuning operation as a quick tender at the fixed rate of 4.25%, without pre-specified allotment amount. The operation will have a one-day maturity and will be settled today.

The ECB will continue monitoring the liquidity situation in the course of the day and in the following days and stands ready to take further action.

The ECB confirms that TARGET is working smoothly both on the domestic and cross-border levels.