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92. Reverse transaction: an operation whereby the central bank buys or sells assets under a repurchase agreement (arrangement whereby an asset is sold while the seller simultaneously obtains the right and obligation to repurchase it at a specific price on a future date or on demand or conducts credit operations against collateral (assets pledged as a guarantee for the repayment of the short-term liquidity loans which credit institutions receive from central banks in order to absorb liquidity from the market).

Outright transaction: a transaction where the central bank buys or sells (spot and forward) assets in the market.

Foreign exchange swap: simultaneous spot and forward transactions of one currency against another. The ESCB will execute open market monetary policy operations in the form of foreign exchange swaps where the national central banks (NCBs) (or the ECB) buy (or sell) euro spot against a foreign currency and at the same time sell (or buy) it back forward.

Collection of fixed-term deposits: a monetary policy instrument that may be used by the ESCB for fine-tuning purposes where the ESCB offers remuneration on counterparties' fixed-term deposits on accounts with the NCBs in order to absorb liquidity from the market.

93. Main-refinancing operation: a regular open market operation executed by the ESCB in the form of a reverse transaction. Main refinancing operations are executed through weekly standard tenders (a tender procedure to be used by the ESCB in its regular open market operations, carried out within a time frame of 24 hours, and in which all counterparties—opposite parties in a financial transaction with the central bank—fulfilling the general eligibility criteria are entitled to submit bids) and have a maturity of two weeks.

Longer-term financing operation: a regular open market operation to be executed by the ESCB in the form of a reverse transaction, executed through monthly standard tenders and having a maturity of three months.

Fine-tuning operation: a non-regular market operation executed by the ESCB in order to deal with unexpected liquidity fluctuations in the market.

Structural operation: an open market operation to be executed by the ESCB mainly in order to adjust the structural liquidity position of the banking system vis-à-vis the ESCB.

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