The Eurosystem’s regular open market operations consist of one-week liquidity-providing operations (MROs), and three-month liquidity-providing operations (LTROs). We have updated data on the use of these operations by country.









German banks were the main receivers of Eurosystem liquidity prior to the crisis, receiving 60% of total liquidity provided in 2007.

However, at the height of the debt crisis, in July 2012, Spanish, Italian and French banks were the biggest users of the Eurosystem’s liquidity operations: out of the almost €1.2 trillion of liquidity given to euro-area banks, 34% was given to Spanish banks, 24% to Italian banks, and 15% to French banks. Since then, the amount of liquidity being provided by the Eurosystem has declined to 2009 levels, to roughly €500 billion, but Italian, Spanish and French banks remain the largest receivers, with 30%, 26% and 17% respectively.