ECB monetary operations On July 12, the European Central Bank announced the seven-day main refinancing operation (MRO). The operation was conducted on July 13 and attracted bids from euro area eligible counterparties of €42 million, €30 million less 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 July 14, the ECB conducted the seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $131.80 million, which was allotted in full at a fixed rate of 0.34 per cent.