valuation date

The date on which the assets underlying credit operations are valued.
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valuation haircut

A risk control measure applied to underlying assets used in reverse transactions, implying that the central bank calculates the value of underlying assets as the market value of the assets reduced by a certain percentage (haircut). The Eurosystem applies valuation haircuts reflecting features of the specific assets, such as the residual maturity. See also   repurchase agreement
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value added

The value of output less the value of intermediate consumption. The gross value added at basic prices is defined in the ESA 95 as the output valued at basic prices less intermediate consumption valued at purchaser prices, before deduction of consumption of fixed capital.
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variable rate bonds

Debt securities whose nominal coupon payments are linked to an interest rate or some other index.
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variable rate tender

A tender procedure whereby the counterparties bid both the amount of money they want to transact with the central bank and the interest rate at which they want to enter into the transaction. See also   tender procedure
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variation margin (marking to market)

The Eurosystem requires a certain level of the market value of the underlying assets used in its liquidity-providing reverse transactions to be maintained over time. This implies that if the value, measured on a regular basis, of the underlying assets falls below a certain level, the national central bank will require the counterparty to supply additional assets or cash (i.e. a margin call). Similarly, if the value of the underlying assets, following their revaluation, exceeds a certain level, the counterparty may retrieve the excess assets or cash. See also   margin call
  repurchase agreement
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volume tender

See   fixed rate tender
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