The ECB's first supplementary longer-term refinancing operation (LTRO) with a six-month maturity was announced March 2008. Previously the longest tender offered was three months. It announced two 3-month and one 6-month full allotment of Long Term Refinancing Operations (LTROs). The first tender was settled 3 April, and was more than four times oversubscribed. The €25 billion auction drew bids amounting to €103.1 billion, from 177 banks. Another six-month tender was allotted on 9 July, again to the amount of €25 billion. The first 12-month LTRO in June 2009 had close to 1100 bidders. COUNT 5
QSN1 What is an LTRO? ANS1 longer-term refinancing operation QSN2 How long was the time to maturity on an LTRO? ANS2 six-month QSN3 When were the first supplemental LTRO's offered? ANS3 March 2008 QSN4 How long had the time to maturity been previously? ANS4 three months QSN5 How many bids were recorded at the auction for the first 12 month LRTO? ANS5 close to 1100 bidders