ECB monetary operations On May 10, the European Central Bank announced the seven-day main refinancing operations (MRO). The operation was conducted on May 11 and attracted bids from euro area eligible counterparties of €111 million, €39 million more than the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of zero per cent, in accordance with current ECB policy. On May 12, the ECB conducted the six-day and 83-day US dollar funding operations through collateralised lending in conjunction with the US Federal Reserve. The six-day USD operation attracted bids of $78 million, which were allotted in full at a fixed rate of 0.31 per cent. The 83-day USD operation attracted bids of $50 million, which were also allotted in full at a fixed rate of 0.33 per cent. Domestic Treasury bill market In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day bills and 182-day bills for settlement value May 13, maturing on August 12, and November 11, respectively. Bids of €80 million were submitted for the 91-day bills, with the Treasury accepting €30 million, while bids of €80 million were also submitted for the...