The main function of the overnight credit is overcoming the liquidity difficulties of individual banks, which contributes toward stabilization of the liquidity on the money markets and fluctuations of the short-term interest rates. The credit is extended with an overnight maturity. The interest rate on the overnight credit is a ceiling of the short-term interest rates on the money market and it is determined by adding 0.50 percentage points over the interest rate earned at the auction of CB bills. The facility is available to the banks every day and it is granted upon banks' initiative, in the form of a repo transaction. Overnight credit is extended according to the General Repo Agreement, while the eligible collateral are securities according to the List of Securities for Conducting Monetary Operations.