# Tender, special (special tender)

- Canonical URL: https://www.gerhardmerk.de/tender-special-special-tender
- Post ID: 593133
- Modified: 2023-07-25T21:11:18+00:00
- Language: en

## Definition

Liquidity-providing operations initiated by the ECB in the event of exceptional market stress, as in the course of the subprime crisis. In this case, the ECB used a tender procedure to cover all bids (fixed rate with full allotment), above all to counteract sharp interest rate spikes at the end of the year. - See purchases, central bank, three-year tender, quantitative easing, stealth policy, full allotment, twelve-month tender. - Cf. ECB Monthly Bulletin, May 2008, pp. 93 ff (detailed description of measures; many overviews), Financial Stability Report 2011, p. 21 f (full allotment maintained in ECB refinancing operations). Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec. Professor Dr. Eckehard Krah, Dipl.rer.pol. E-mail address: info@ekrah.com https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk https://www.jung-stilling-gesellschaft.de/merk/ https://www.gerhardmerk.de/

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