... times, namely at 2 1/6 /2 000, 3 0/4 /2 001, 12 and 1 3/9 /2 001, 2 8/1 1/2 001, 4 and 1 0/1 /2 002, 1 8/1 2/2 002 and 2 3/0 5/2 003. Long term re financing op erationsare structural measures and usually constant ... weekly model fordemand and supply of liquidity.27ECB Working Paper Series No. 393September 2004recourse to standing facilities becomes an endogenous variable and cannot be used directlyin ... idt,andforverysmallMtthe lending rate, ilt, is approached.Besides that, the general model, as presented abo ve, does not lead to a straightforward con-18ECB Working Paper Series No. 393September...