Eurosystem´s Liquidity Management and NCBs´ role April 11th, 2007 Jaap Teerhuis Financial Markets Division What is in for me? •Liquidity Management is the central task of the implementation •Decentralized approach implementation : role NCB’s unique and public available information limited •Introduction to Liquidity Management Game (tomorrow) Outline presentation The purpose of the ECB’s liquidity management Assessment of the liquidity demand Liquidity supply: - role MRO, LTRO and FTO - role Benchmark Allotment The decision making progress - LICO (LIquidity COmmittee) - Liquidity Management Unit´s tasks and IT infrastructure - Role NCBs - Outline presentation The purpose of the ECB’s liquidity management Assessment of the liquidity demand Liquidity supply: - role MRO, LTRO and FTO - role Benchmark Allotment 4.The decision making progress - LICO (LIquidity COmmittee) - Liquidity Management Unit´s tasks and IT infrastructure - Role NCBs - Purpose of the liquidity management • The liquidity management aims to steer short term interest rates such that they are in line with the policy rate (the minimum bid rate) • The liquidity management does not aim to (directly) influence a monetary aggregate • Implementation monetary policy is successful if operational target EONIA is a few base points above minimum bid rate Main Refinancing Operation Purpose of the liquidity management Demand – Autonomous factors factors (net) – Reserve requirements – Excess reserves Supply – Open market operations – MROs (policy rate) – LTROs – Fine tuning – Structural operations – deposit facility – marginal lending facility Purpose of the liquidity management Demand Supply – Autonomous factors (net) – Open market operations – Reserve requirements = – MROs (policy rate) – Excess reserves – LTROs (over a – Fine tuning reserve maintenance – Structural operations period) – marginal lending facility – deposit facility Daily relationship between liquidity factors: balance sheet Simplified balance sheet Eurosystem, February 2007, EUR billions Autonomous factors Autonomous factors Net foreign assets (A1+A2+A3-L7-L8-L9) 321.8 Banknotes in circulation (L1) 604.4 Net assets denominated in euro’s 266.5 Government deposits (L5.1) 35.8 Other autonomous factors(net)180.7 Reserve requirements (L2.1) 183.9 Monetary Policy Instruments Monetary Policy Instruments Main Refinancing Operation (A5.1) 286.5 Longer Term Refinancing Operation(A5.2) 130.0 Marginal lending facility (A5.5) 0.0 Deposit facility (L2.2) 1004.8 1004.8 0.0 The Liquidity Management Table Date: Time: wo vr za zo ma di wo vr za zo ma di wo vr za zo ma di wo vr za zo ma di wo vr za zo ma di wo vr Liquidity table 10 apr 07 (Only figures in bold characters are definitive All other figures are subject to uncertainty Especially the displayed 10:06 All figures in EUR billion amounts of future monetary policy operations have only the purpose of a sensitivity analysis.) I Open market operations II St fac III Autonomous factors IV Reserve holdings 10 11 12 13 14 Main Longer Other Sum Marg Dep Prev day Auton Addit Auton Daily curr Requ Daily Aver daily refin term oper lend facil factors AF factors acc reser reser reser auton oper oper facil (NCB (broad) surpl surpl factors ops.) 14-mrt-07 271,5 140,0 0,0 411,5 0,0 1,5 223,9 0,4 224,3 185,7 181,8 3,9 3,9 15-mrt-07 271,5 140,0 0,0 411,5 0,0 0,1 225,8 0,3 226,2 185,3 181,8 3,4 3,6 16-mrt-07 271,5 140,0 0,0 411,5 0,0 0,0 229,3 0,3 229,6 181,9 181,8 0,0 2,4 17-mrt-07 271,5 140,0 0,0 411,5 0,0 0,0 229,3 0,3 229,6 181,9 181,8 0,0 1,8 18-mrt-07 271,5 140,0 0,0 411,5 0,0 0,0 229,3 0,3 229,6 181,9 181,8 0,0 1,5 19-mrt-07 271,5 140,0 0,0 411,5 0,0 0,0 227,4 0,3 227,7 183,7 181,8 1,9 1,5 20-mrt-07 271,5 140,0 0,0 411,5 0,0 0,0 224,2 0,3 224,5 186,9 181,8 5,1 2,1 21-mrt-07 282,0 140,0 0,0 422,0 0,2 0,2 232,8 0,3 233,2 188,8 181,8 6,9 2,7 22-mrt-07 282,0 140,0 0,0 422,0 0,0 0,0 234,6 0,3 234,9 187,1 181,8 5,3 3,0 23-mrt-07 282,0 140,0 0,0 422,0 0,0 0,0 243,2 0,3 243,5 178,4 181,8 -3,4 2,3 24-mrt-07 282,0 140,0 0,0 422,0 0,0 0,0 243,2 0,3 243,5 178,4 181,8 -3,4 1,8 25-mrt-07 282,0 140,0 0,0 422,0 0,0 0,0 243,2 0,3 243,5 178,4 181,8 -3,4 1,4 26-mrt-07 282,0 140,0 0,0 422,0 0,0 0,1 242,0 0,3 242,3 179,6 181,8 -2,2 1,1 27-mrt-07 282,0 140,0 0,0 422,0 0,0 0,0 240,1 0,3 240,4 181,6 181,8 -0,2 1,0 28-mrt-07 283,5 140,0 0,0 423,5 0,0 0,0 239,8 0,3 240,2 183,3 181,8 1,4 1,0 29-mrt-07 283,5 150,0 0,0 433,5 0,4 0,0 244,6 0,3 244,9 189,0 181,8 7,2 1,4 30-mrt-07 283,5 150,0 0,0 433,5 0,1 1,1 252,6 0,2 252,7 179,8 181,8 -2,1 1,2 31-mrt-07 283,5 150,0 0,0 433,5 0,1 1,1 252,6 0,2 252,7 179,8 181,8 -2,1 1,0 1-apr-07 283,5 150,0 0,0 433,5 0,1 1,1 252,6 0,2 252,7 179,8 181,8 -2,1 0,9 2-apr-07 283,5 150,0 0,0 433,5 0,1 0,1 252,8 0,2 252,9 180,6 181,8 -1,3 0,8 3-apr-07 283,5 150,0 0,0 433,5 0,0 0,1 254,3 0,2 254,4 179,0 181,8 -2,8 0,6 4-apr-07 291,5 150,0 0,0 441,5 0,1 0,1 256,1 0,2 256,3 185,3 181,8 3,5 0,7 5-apr-07 291,5 150,0 0,0 441,5 2,0 0,6 257,3 0,2 257,5 185,4 257,5 181,8 3,6 0,8 6-apr-07 291,5 150,0 0,0 441,5 258,1 257,8 0,2 258,0 183,6 181,8 1,7 0,9 7-apr-07 291,5 150,0 0,0 441,5 258,1 257,8 0,2 258,0 183,6 181,8 1,7 0,9 8-apr-07 291,5 150,0 0,0 441,5 258,1 257,8 0,2 258,0 183,6 181,8 1,7 0,9 9-apr-07 291,5 150,0 0,0 441,5 258,1 257,8 0,2 258,0 183,5 181,8 1,7 1,0 10-apr-07 291,5 150,0 0,0 441,5 256,5 256,2 0,1 256,3 185,2 181,8 3,4 1,1 11-apr-07 280,0 150,0 0,0 430,0 253,5 253,2 0,1 253,3 176,7 181,8 -5,1 0,8 12-apr-07 280,0 150,0 0,0 430,0 250,8 250,4 0,1 250,6 179,4 181,8 -2,4 0,7 150,0 13-apr-07 280,0 0,0 430,0 250,3 250,0 0,1 250,1 179,9 181,8 -1,9 0,6 150,0 14-apr-07 280,0 0,0 430,0 250,3 250,0 0,1 250,1 179,9 181,8 -1,9 0,6 150,0 15-apr-07 280,0 0,0 430,0 250,3 250,0 0,1 250,1 179,9 181,8 -1,9 0,5 16-apr-07 280,0 150,0 0,0 430,0 248,0 247,7 0,1 247,8 182,2 181,8 0,3 0,5 17-apr-07 280,0 150,0 0,0 430,0 247,3 247,0 0,1 247,1 182,9 181,8 1,1 0,50 18-apr-07 284,0 150,0 0,0 434,0 244,9 244,6 0,1 244,7 189,3 182,0 7,2 7,2 19-apr-07 284,0 150,0 0,0 434,0 257,5 257,3 0,1 257,4 176,6 182,0 -5,4 0,9 20-apr-07 284,0 150,0 0,0 434,0 257,3 0,1 257,4 176,6 182,0 -5,5 -1,2 Published estim of aver AF from 02/04/07 to 10/04/07 : Current estimate: 256,8 256,6 CONFIDENTIAL V Interest rates 15 16 17 18 19 20 Accum EONIA Marg Dep Marg Min bid daily MRO rate lend rate reser rate rate surpl 3,82 3,81 2,75 4,75 3,75 3,9 3,82 3,81 2,75 4,75 3,75 7,3 3,82 3,81 2,75 4,75 3,75 7,3 #NA 3,81 2,75 4,75 3,75 7,3 #NA 3,81 2,75 4,75 3,75 7,4 3,82 3,81 2,75 4,75 3,75 9,3 3,82 3,81 2,75 4,75 3,75 14,4 3,81 3,80 2,75 4,75 3,75 21,3 3,81 3,80 2,75 4,75 3,75 26,6 3,81 3,80 2,75 4,75 3,75 23,2 #NA 3,80 2,75 4,75 3,75 19,8 #NA 3,80 2,75 4,75 3,75 16,4 3,81 3,80 2,75 4,75 3,75 14,2 3,81 3,80 2,75 4,75 3,75 14,0 3,82 3,82 2,75 4,75 3,75 15,4 3,83 3,82 2,75 4,75 3,75 22,6 3,90 3,82 2,75 4,75 3,75 20,5 #NA 3,82 2,75 4,75 3,75 18,4 #NA 3,82 2,75 4,75 3,75 16,3 3,83 3,82 2,75 4,75 3,75 15,1 3,84 3,82 2,75 4,75 3,75 12,2 3,84 3,83 2,75 4,75 3,75 15,7 3,86 3,83 2,75 4,75 3,75 19,3 3,83 2,75 4,75 3,75 21,0 #NA 3,83 2,75 4,75 3,75 22,7 #NA 3,83 2,75 4,75 3,75 24,4 3,83 2,75 4,75 3,75 26,1 3,83 2,75 4,75 3,75 29,4 2,75 4,75 3,75 24,3 2,75 4,75 3,75 21,9 2,75 4,75 3,75 20,0 #NA 2,75 4,75 3,75 18,0 #NA 2,75 4,75 3,75 16,1 2,75 4,75 3,75 16,4 2,75 4,75 3,75 17,4 7,2 1,8 -3,6 Estim of aver curr acc holdings not contrib to the fulfillment of RR: 0,10 Estim of excess reserves in the narrow sense: 0,70 Outline presentation The purpose of the ECB’s liquidity management Assessment of the liquidity demand Liquidity supply: - role MRO and LTRO - role Benchmark Allotment 4.The decision making progress - LICO (LIquidity COmmittee) - Liquidity Management Unit´s tasks and IT infrastructure - Role NCBs - Liquidity supply: main refinancing operations • MROs play the role of steering the liquidity conditions and signalling the monetary policy stance • Allotments are oriented towards a quantitative benchmark allotment (BA) • The BA is (from 24 March 2004) now onwards explicitly communicated to the market on announcement day and updated BA on allotment day at 11.15h => increase transparency => reduce risk of wrong mon pol signals Liquidity supply: main refinancing operations The benchmark allotment in a main refinancing operation [MRO] is the allotment amount which allows counterparties to smoothly fulfil their reserve requirements until the day before the settlement of the next MRO, when taking into account the following liquidity needs: 1) liquidity imbalances that have occurred previously in the same reserve maintenance period and which were not anticipated in the preceding MRO; 2) ECB’s forecast of the autonomous factors; 3) ECB’s forecast of excess reserves, which are assumed to be the same on each day of the reserve maintenance period Liquidity supply: main refinancing operations Benchmark allotment can be calculated by a formula or a “liquidity table” Liquidity supply: main refinancing operations M1Bench   = D ⋅ RR + ER − CA + H ⋅ AF + RR + ER − H ⋅ ( L + M ) − X ⋅ M1Mat                  H − X          Accumulate d liquidity imbalance Future liquidity needs Liquidity already provided  ( ) ( ) S is the settlement day of MRO announced on day A Z is the day before the settlement of the next MRO T is the last day of the current maintenance period H is the number of days covered by the ECB' s forecast published on day A X is the number of days covered by H in which the MRO to be allotted has not yet been settled D is the number of days since the beginning of the maintenance period up till day A - RR are the estimated daily reserve requirements ER are the estimated daily excess reserves CA is the average current account holdings at time A - since the beginning of the maintenance period AF is the estimated average amount of autonomous factors L is the expected daily average amount of liquidity supplied by the LTROs over period H M1Mat is the size of the maturing MRO M is the size of the other outstanding MRO M1Bench is the size of the benchmark allotment     Liquidity supply: main refinancing operations Benchmark allotment can be calculated by a formula or a “liquidity table” Liquidity supply: main refinancing operations Date: Time: wo vr za zo ma di wo vr za zo ma di wo vr za zo ma di wo vr za zo ma di wo vr za zo ma di wo vr Liquidity table (Only figures in bold characters are definitive All other figures are subject to uncertainty Especially the displayed 10 apr 07 10:06 All figures in EUR billion I Open market operations Main Longer Other refin term oper oper oper 14-mrt-07 15-mrt-07 16-mrt-07 17-mrt-07 18-mrt-07 19-mrt-07 20-mrt-07 21-mrt-07 22-mrt-07 23-mrt-07 24-mrt-07 25-mrt-07 26-mrt-07 27-mrt-07 28-mrt-07 29-mrt-07 30-mrt-07 31-mrt-07 1-apr-07 2-apr-07 3-apr-07 4-apr-07 5-apr-07 6-apr-07 7-apr-07 8-apr-07 9-apr-07 10-apr-07 11-apr-07 12-apr-07 13-apr-07 14-apr-07 15-apr-07 16-apr-07 17-apr-07 18-apr-07 19-apr-07 20-apr-07 271,5 271,5 271,5 271,5 271,5 271,5 271,5 282,0 282,0 282,0 282,0 282,0 282,0 282,0 283,5 283,5 283,5 283,5 283,5 283,5 283,5 291,5 291,5 291,5 291,5 291,5 291,5 291,5 280,0 280,0 280,0 280,0 280,0 280,0 280,0 284,0 284,0 284,0 140,0 140,0 140,0 140,0 140,0 140,0 140,0 140,0 140,0 140,0 140,0 140,0 140,0 140,0 140,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 150,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 CONFIDENTIAL amounts of future monetary policy operations have only the purpose of a sensitivity analysis.) Sum 411,5 411,5 411,5 411,5 411,5 411,5 411,5 422,0 422,0 422,0 422,0 422,0 422,0 422,0 423,5 433,5 433,5 433,5 433,5 433,5 433,5 441,5 441,5 441,5 441,5 441,5 441,5 441,5 430,0 430,0 430,0 430,0 430,0 430,0 430,0 434,0 434,0 434,0 II St fac III Autonomous factors Marg Dep Prev day Auton lend facil factors auton facil factors 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,2 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,4 0,1 0,1 0,1 0,1 0,0 0,1 2,0 1,5 0,1 0,0 0,0 0,0 0,0 0,0 0,2 0,0 0,0 0,0 0,0 0,1 0,0 0,0 0,0 1,1 1,1 1,1 0,1 0,1 0,1 0,6 257,5 258,1 258,1 258,1 258,1 256,5 253,5 250,8 250,3 250,3 250,3 248,0 247,3 244,9 257,5 223,9 225,8 229,3 229,3 229,3 227,4 224,2 232,8 234,6 243,2 243,2 243,2 242,0 240,1 239,8 244,6 252,6 252,6 252,6 252,8 254,3 256,1 257,3 257,8 257,8 257,8 257,8 256,2 253,2 250,4 250,0 250,0 250,0 247,7 247,0 244,6 257,3 257,3 IV Reserve holdings 10 11 12 Addit Auton Daily curr Requ AF factors acc reser (NCB (broad) ops.) 0,4 224,3 185,7 181,8 0,3 226,2 185,3 181,8 0,3 229,6 181,9 181,8 0,3 229,6 181,9 181,8 0,3 229,6 181,9 181,8 0,3 227,7 183,7 181,8 0,3 224,5 186,9 181,8 0,3 233,2 188,8 181,8 0,3 234,9 187,1 181,8 0,3 243,5 178,4 181,8 0,3 243,5 178,4 181,8 0,3 243,5 178,4 181,8 0,3 242,3 179,6 181,8 0,3 240,4 181,6 181,8 0,3 240,2 183,3 181,8 0,3 244,9 189,0 181,8 0,2 252,7 179,8 181,8 0,2 252,7 179,8 181,8 0,2 252,7 179,8 181,8 0,2 252,9 180,6 181,8 0,2 254,4 179,0 181,8 0,2 256,3 185,3 181,8 0,2 257,5 185,4 181,8 0,2 258,0 183,6 181,8 0,2 258,0 183,6 181,8 0,2 258,0 183,6 181,8 0,2 258,0 183,5 181,8 0,1 256,3 185,2 181,8 0,1 253,3 176,7 181,8 0,1 250,6 179,4 181,8 0,1 250,1 179,9 181,8 0,1 250,1 179,9 181,8 0,1 250,1 179,9 181,8 0,1 247,8 182,2 181,8 0,1 247,1 182,9 181,8 0,1 244,7 189,3 182,0 0,1 257,4 176,6 182,0 0,1 257,4 176,6 182,0 Published estim of aver AF from 02/04/07 to 10/04/07 : Current estimate: 256,8 256,6 13 14 Daily Aver daily reser reser surpl surpl 3,9 3,4 0,0 0,0 0,0 1,9 5,1 6,9 5,3 -3,4 -3,4 -3,4 -2,2 -0,2 1,4 7,2 -2,1 -2,1 -2,1 -1,3 -2,8 3,5 3,6 1,7 1,7 1,7 1,7 3,4 -5,1 -2,4 -1,9 -1,9 -1,9 0,3 1,1 7,2 -5,4 -5,5 3,9 3,6 2,4 1,8 1,5 1,5 2,1 2,7 3,0 2,3 1,8 1,4 1,1 1,0 1,0 1,4 1,2 1,0 0,9 0,8 0,6 0,7 0,8 0,9 0,9 0,9 1,0 1,1 0,8 0,7 0,6 0,6 0,5 0,5 0,50 7,2 0,9 -1,2 V Interest rates 15 16 17 18 19 20 Accum EONIA Marg Dep Marg Min bid daily MRO rate lend rate reser rate rate surpl 3,82 3,81 2,75 4,75 3,75 3,9 3,82 3,81 2,75 4,75 3,75 7,3 3,82 3,81 2,75 4,75 3,75 7,3 #NA 3,81 2,75 4,75 3,75 7,3 #NA 3,81 2,75 4,75 3,75 7,4 3,82 3,81 2,75 4,75 3,75 9,3 3,82 3,81 2,75 4,75 3,75 14,4 3,81 3,80 2,75 4,75 3,75 21,3 3,81 3,80 2,75 4,75 3,75 26,6 3,81 3,80 2,75 4,75 3,75 23,2 #NA 3,80 2,75 4,75 3,75 19,8 #NA 3,80 2,75 4,75 3,75 16,4 3,81 3,80 2,75 4,75 3,75 14,2 3,81 3,80 2,75 4,75 3,75 14,0 3,82 3,82 2,75 4,75 3,75 15,4 3,83 3,82 2,75 4,75 3,75 22,6 3,90 3,82 2,75 4,75 3,75 20,5 #NA 3,82 2,75 4,75 3,75 18,4 #NA 3,82 2,75 4,75 3,75 16,3 3,83 3,82 2,75 4,75 3,75 15,1 3,84 3,82 2,75 4,75 3,75 12,2 3,84 3,83 2,75 4,75 3,75 15,7 3,86 3,83 2,75 4,75 3,75 19,3 3,83 2,75 4,75 3,75 21,0 #NA 3,83 2,75 4,75 3,75 22,7 #NA 3,83 2,75 4,75 3,75 24,4 3,83 2,75 4,75 3,75 26,1 3,83 2,75 4,75 3,75 29,4 2,75 4,75 3,75 24,3 2,75 4,75 3,75 21,9 2,75 4,75 3,75 20,0 #NA 2,75 4,75 3,75 18,0 #NA 2,75 4,75 3,75 16,1 2,75 4,75 3,75 16,4 2,75 4,75 3,75 17,4 7,2 1,8 -3,6 Estim of aver curr acc holdings not contrib to the fulfillment of RR: 0,10 Estim of excess reserves in the narrow sense: 0,70 Liquidity supply: main refinancing operations •Nowadays MRO´s MP : Benchmark Allotment plus EUR billion to meet counter parties´ preference of frontloading their reserve requirements Last MRO MP: Benchmark Allotment plus EUR billion Consequence: bias for FTO last day MP!!! Last day MP: FTO (internal and unofficial treshold AF forecast) Outline presentation The purpose of the ECB’s liquidity management Assessment of the liquidity demand Liquidity supply: - role MRO and LTRO - role Benchmark Allotment 4.The decision making progress - LICO (LIquidity COmmittee) - Liquidity Management Unit´s tasks and IT infrastructure - Role NCBs - The decision making progress MRO Announcement day (Monday): Tender announced to NCBs and public 15:30h Tender announced to NCBs and to public wire services By 17:00h One preliminary liquidity scenarios based on balance sheets and forecasts received in the morning produced by Liquidity Management team for discussion at the LICO (LIquidity COmmittee) 17:00h Weekly liquidity meeting between DG Operations and DG Economics to discuss preliminary proposal regarding the allotment amount The decision making progress MRO allotment day (Tuesday): Submission of bids and allotment of tender ECB Liquidity management 8.00h and 8.35h NCB and ECB balance sheets and forecasts combined to produce the Eurosystem balance sheet and forecast By 10.00h Liquidity scenarios are updated with the new data for discussion at the Liquidity Committee 10.15h-10.45h Liquidity Committee meeting between DG Operations and DG Economics selects a liquidity scenario to propose to the Executive Board 11.00h Executive Board decides the allotment on the basis of the proposal made by the Liquidity Committee Counterparties and NCBs 9.30h Deadline for submission of bids by counterparties 10.00h Deadline for submission of bids by NCBs 11.15h Announcement of tender results 11.20h Tender allotment results announced to public wire services and on ECB webpage 11.45h Certification of individual allotment results at the NCB level The decision making progress •Daily briefing major developments FX, bond, stock, money, gold and oil market •Participants : Front Office Division, Liquidity Management Unit and Monetary Policy Stance •6x times a week: - no MRO : normal LICO (Wednesday till Friday) at 10.15h - MRO Announcement day : normal at 10.15h and 17.00h - MRO Allotment day : LICO at 10.15h - One or two EB-members, proposal allotment decision to EB meeting The decision making progress ECB Balance Sheet & ECB Forecast ENSD messages from NCBs Balance Sheets & Forecasts ECB Banknotes adjusted forecast Tender calendar Archive (LM DataStore) Debt Certificates changes calendar AF changes in Next MP calendar Liquidity Management Application Eurosystem Balance Sheet Autonomous Factor Forecast Non-Aggregate Balance Sheet Balance Sheet Comparison Autonomous Factor Evolution Balance Sheet Overview Autonomous Factor Forecast comparison EONIA rate Marginal MRO rate Liquidity table ECB key rates Estimate of CuAc holding + excess reserves Current account / standing facilities Free text message field Reuters Pages ECB40, 42, 44 Historical data for Internet The decision making progress ... 14-mrt-07 15-mrt-07 16-mrt-07 17-mrt-07 18-mrt-07 19-mrt-07 20-mrt-07 21-mrt-07 22-mrt-07 23-mrt-07 24-mrt-07 25-mrt-07 26-mrt-07 27-mrt-07 28-mrt-07 29-mrt-07 30-mrt-07 31-mrt-07 1-apr-07 2-apr-07... 1-apr-07 2-apr-07 3-apr-07 4-apr-07 5-apr-07 6-apr-07 7-apr-07 8-apr-07 9-apr-07 10-apr-07 11-apr-07 12-apr-07 13-apr-07 14-apr-07 15-apr-07 16-apr-07 17-apr-07 18-apr-07 19-apr-07 20-apr-07 271,5... 3,4 0,0 0,0 0,0 1,9 5,1 6,9 5,3 -3 ,4 -3 ,4 -3 ,4 -2 ,2 -0 ,2 1,4 7,2 -2 ,1 -2 ,1 -2 ,1 -1 ,3 -2 ,8 3,5 3,6 1,7 1,7 1,7 1,7 3,4 -5 ,1 -2 ,4 -1 ,9 -1 ,9 -1 ,9 0,3 1,1 7,2 -5 ,4 -5 ,5 3,9 3,6 2,4 1,8 1,5 1,5 2,1