where applicable, the amount and date of the actual retirement transactions; the total expected amount of these operations; 1. Operations may not be carried out without the prior agreement of the ECB beyond the threshold set out in Annex I to this Guideline. That threshold shall also apply to repo transactions, without prejudice to the procedure for prior authorisation of repo transactions referred to in Article 4. 5. Repo markets play a key role in facilitating the flow of cash and securities around the financial system, thus providing liquidity to other markets.  The proper functioning of the pension market supports the implementation of monetary policy, as it promotes interest rate decisions on the financial system. At the same time, turbulence in the pension market can spread to other markets and exacerbate stress in financial markets. This box discusses the impact of repo market disruptions on bond markets and the interest rate swap market. Given the importance of these markets in the financial system, their proper functioning and the potential for disruptions to the repo market that may affect them are significant, both from the point of view of financial stability and from the point of view of monetary policy.  1. Before entering into repurchase transactions with national central banks outside the Eurosystem, NCBs shall submit such agreements to the ECB for prior approval by the Governing Council.
the maturity of the repo transaction and, to the extent that it is already available, the maturity of the specific pension transactions to be concluded; `repo activity` means an agreement where by which an NCB and a national central bank not applicable to the euro area agree to conclude one or more specific repo transactions. In the case of a repo transaction, one party undertakes to buy (or sell) securities denominated in euro by the other party upon payment of an agreed price in euro on the day of trading, with a simultaneous agreement, to sell (or buy) equivalent securities to the other party upon payment of another agreed price in euro on the due date; A retirement operation (repo) is a two-legged operation that is similar to a secured loan. A cash borrower sells securities (the collateral) to the lender and agrees to redeem them later at a predetermined price.2 Typical cash borrowers are asset managers, pension funds and insurance companies.. . . .