The swap points are the difference between the exchange rate of the forward transaction and the exchange rate of the spot transaction. The exchange rate terms of foreign exchange swap operations are specified in Box 2. The ESCB may invite counterparties to place remunerated fixed-term deposits with the national central bank in the country in which the counterparty is established . The deposits accepted from counterparties are for a fixed term and with a fixed rate of interest. No collateral is given by the national central banks in exchange for the deposits.
Interest is paid at the end of the maturity of the deposit.
The maturity of the main and the longer-term refinancing operations may occasionally vary depending on bank holidays in Member States.