Banque de France assets: longer-term refinancing operations
Banque de France assets: longer-term refinancing operations stood at 50 EUR million in Aug 2026, according to ECB Data Portal – Internal liquidity management and TARGET balances (ILM), France. It is one of the indicators in the Banque de France balance sheet table (Value · Monthly), with a complete series running from Jun 2016 to Aug 2026. The complete series with an interactive chart, free to download.
This indicator in the Banque de France balance sheet table
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Lending to credit institutions related to monetary policy operations | 50 | 100 | 60 | 64 | 686 | 644 | 526.5 | 498 | 2,737 | 750 | |
| Longer-term refinancing operations | 50 | 50 | 50 | 50 | 63 | 64 | 64 | 51 | 101 | 151 | |
| Main refinancing operations | 0 | 50 | 10 | 14 | 623 | 580 | 462.5 | 447 | 2,636 | 599 |
Understanding banque de France assets: longer-term refinancing operations
Longer-term refinancing operations capture central bank credit extended to commercial banks with maturities exceeding standard short-term tenders, encompassing targeted lending programs and structural liquidity provisions. This series isolates extended-maturity funding from main refinancing operations, providing insight into the multi-year funding structure of the banking sector. It measures how institutions manage liquidity across longer horizons under specific policy frameworks.
Interpreting this data requires tracking program rollouts, phase-outs, and repayment schedules, which dictate multi-year trends rather than monthly noise. Revisions are absent, but sudden drops occur upon the maturity or early repayment of major targeted lending tranches. Comparing this series with short-term refinancing highlights whether banks are locking in extended funding or relying on weekly auctions.
Frequently asked questions
- What distinguishes longer-term refinancing operations?
- Extended maturities and structural lending programs designed to provide multi-year liquidity to commercial banks.
- How do these operations impact the balance sheet differently than short-term tenders?
- They create stable, multi-year credit encumbrances compared to weekly refinancing turnover.
- What causes major shifts in this series?
- The initiation of new targeted lending programs or the scheduled maturity and early repayment of existing tranches.