How Are Open Market Operations Related To Others

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The discount window should therefore be designed to make access to the central bank's credit less attractive in one way or another, perhaps through a high penalty rate or restrictive guidelines. Some countries, such as Germany, employ a dual rate structure, comprising a basic discount rate and a penalty Lombard rate, to discourage overuse of this facility...
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Some countries, such as Germany, employ a dual rate structure, comprising a basic discount rate and a penalty Lombard rate, to discourage overuse of this facility. Restrictions on the discount window need, however, to be handled with care. If a penalty rate is set well above current market conditions, the system might not react quickly enough to unanticipated liquidity demands...
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