ECB Publishes Indicative Operational Calendars for 2027

On June 30, 2026, the European Central Bank (ECB) announced the release of indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods for the year 2027. This initiative is in line with the ECB’s commitment to transparency and efficiency in its monetary policy operations.

Details of the Indicative Calendar

The published calendar incorporates the scheduled meetings of the Governing Council for 2027, providing a framework for the reservation maintenance periods. It is essential to note that the calendar specifically outlines main refinancing operations (MROs) and three-month longer-term refinancing operations (LTROs), excluding any potential supplementary or ad hoc operations that may occur throughout the year.

Reserved Maintenance Periods in 2027

For the year ahead, the indicative calendar includes specific start and end dates for each maintenance period, as well as relevant Governing Council meeting dates. Here is a summary of the first eight periods:

• Period 8/2026: Starts on December 17, 2026, and ends on December 23, 2026. Governing Council meeting on December 17, with reserve base data reporting due on February 9, 2027, covering data from October and September 2026. Duration: 49 days.
• Period 1: Starts on February 4, 2027, and ends on February 10, 2027. Reporting on December 2026 and September 2026. Duration: 42 days.
• Period 2: Starts on March 18, 2027, and ends on March 24, 2027. Reporting on January and December 2026. Duration: 43 days.
• Period 3: Starts on April 29, 2027, and ends on May 6, 2027. Reporting on March and December 2026. Duration: 41 days.
• Period 4: Starts on June 10, 2027, and ends on June 16, 2027. Reporting on April and March 2027. Duration: 42 days.
• Period 5: Starts on July 22, 2027, and ends on July 28, 2027. Reporting on May and March 2027. Duration: 49 days.
• Period 6: Starts on September 9, 2027, and ends on September 15, 2027. Reporting on July and June 2027. Duration: 49 days.
• Period 7: Starts on October 28, 2027, and ends on November 3, 2027. Reporting on September and June 2027. Duration: 49 days.
• Period 8: Starts on December 16, 2027, and ends on December 22, 2027. Reporting on October and September 2027. Duration: 49 days.

Contact Information

For any inquiries related to this press release, interested parties are encouraged to reach out to Clara Martín Marqués at clara.martin_marques@ecb.europa.eu or call +49 69 1344 17919.