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13 BUSINESS & FINANCE maltatoday, WEDNESDAY, 22 JANUARY 2014 Money Market Report for the week ending January 17, 2014 ECB Monetary Operations On Monday, January 13, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, January 14, and attracted bids from euro area eligible counterparties of €94.74 billion, €17.72 billion lower than the bid amount of the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.25%, in accordance with current ECB policy. Also on Tuesday, January 14, the ECB conducted a specialterm refinancing operation with a maturity of 28 days. This attracted bids of €7.09 billion, which was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.25%, also in accordance with the current ECB policy. Once more on Tuesday, January 14, the ECB conducted an auction for a seven-day fixed-term deposit intended to absorb €179.0 billion. This operation was designed to sterilise the effect of purchases made under the Securities Markets Programme that were settled but had not yet matured by the previous Friday, January 10. The auction was carried out at a variable rate, with euro area eligible counterparties allowed to place up to four bids at a maximum rate of 0.25%. It attracted bids amounting to €180.03 billion, with the ECB allotting €179.0 billion, or 99.43% of the total bid amount. The marginal rate on the auction was set at 0.25%, with the weighted average rate at 0.21%. On Wednesday, January 15, the ECB conducted a sevenday US dollar funding operation Regular market closed – 21/01/2014 s s t s t t l s s s s l l t l l s t t s t t t t s l l l l l l Symbol Code 6PM BOV FIM GO HSB IHI LOM MIA MSI RS2 SFC G14A G14C G15F G16A G19C G21A G22B G28A G28B G29A G30A G31A BV18A BV19A GC16A IB15A MD18A MI17A MS23A TI20A Volume Traded 150 74522 3400 14172 60700 544 9638 348 4220 500 2491 18635 12813 6000000 23294 5000 5702330 558000 178000 174000 17400 5000 100000 105000 4800 16300 5000 14000 11700 900 1200 Value Traded 108.000 186023.670 3252.600 25769.100 154578.350 488.510 18312.200 748.900 3895.060 1149.500 7223.900 19048.700 13074.040 6322200.000 26154.500 5205.000 6602149.290 614525.400 191420.800 181134.000 19435.800 5637.500 112145.000 111300.000 5088.480 13855.000 5000.000 14855.400 12120.030 940.500 1270.800 Trades 1 19 2 5 19 1 3 1 2 1 1 1 2 1 1 1 2 5 5 4 2 1 3 1 1 2 1 1 3 1 1 High Price 0.720 2.500 0.959 1.850 2.569 0.898 1.900 2.152 0.923 2.299 2.900 102.220 102.040 105.370 112.280 104.100 115.780 110.130 107.560 104.100 111.700 112.750 112.150 106.000 106.010 85.000 100.000 106.110 103.950 104.500 105.900 Low Price 0.720 2.470 0.955 1.800 2.520 0.898 1.900 2.152 0.923 2.299 2.900 102.220 102.030 105.370 112.280 104.100 115.420 110.130 107.520 104.100 111.700 112.750 112.140 106.000 106.010 85.000 100.000 106.110 103.410 104.500 105.900 Open Price 0.720 2.470 0.959 1.800 2.569 0.898 1.900 2.152 0.923 2.299 2.900 102.220 102.030 105.370 112.280 104.100 115.420 110.130 107.560 104.100 111.700 112.750 112.150 106.000 106.010 85.000 100.000 106.110 103.410 104.500 105.900 Close Price 0.720 2.490 0.955 1.850 2.520 0.898 1.900 2.152 0.923 2.299 2.900 102.220 102.040 105.370 112.280 104.100 115.780 110.130 107.520 104.100 111.700 112.750 112.140 106.000 106.010 85.000 100.000 106.110 103.950 104.500 105.900 Change 0.001 0.040 -0.005 0.001 -0.050 -0.022 0.000 0.002 0.003 0.009 0.010 0.000 0.000 -0.130 0.000 0.000 0.360 -0.060 -0.050 0.050 -0.010 -0.010 -0.010 -0.250 0.010 0.000 0.000 0.000 0.000 0.000 0.000 Twap 0.720 2.496 0.957 1.818 2.547 0.898 1.900 2.152 0.923 2.299 2.900 102.220 102.040 105.370 112.280 104.100 115.780 110.130 107.540 104.100 111.700 112.750 112.150 106.000 106.010 85.000 100.000 106.110 103.590 104.500 105.900 through collateralised lending in conjunction with the US Federal Reserve. This operation was carried out at a fixed rate of 0.58% and did not attract bids from euro area eligible counterparties Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 90-day bills maturing on April 17, 2014. Bids of €63.0 million were submitted, with the Treasury accepting €36.0 million. Since €17.2 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €18.8 million, to stand at €242.17 million. The yield from the 90-day bill auction was 0.315%, i.e. 0.5 basis point lower than on bills with a similar tenor issued on January 10, 2014, representing a bid price of 99.9213 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 28-day and 91-day bills maturing on February 21 and April 25, 2014, respectively. YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt The rates quoted above are against the EURO.

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