Glossary
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OLO (Linear bonds)
Long-term bonds issued by the Belgian State with a fixed interest rate, duration and redemption price. They are issued in two-monthly tranches and the issue price is determined by tendering.. They are dematerialised and are recorded in an account and purchase and sale transactions are effected via the National Bank of Belgium’s clearing system or through other securities depository centres such as Euroclear or Clearstream..

Open market operation
Operation executed on the initiative of the ECB in the financial markets.

Organisation for Economic Cooperation and Development (OECD)
An intergovernmental organisation, based in Paris, with 30 member countries, aimed at promoting sustainable growth, employment and the standard of living of its members and stimulating international economic development and world trade.

Overdraft
An overdraft or credit facility is a reserve of money put at the consumer's disposal which can be used if neededand isusually linked to a credit card. Credit lines linked to a current account which give the account-holder the possibility of going below zero and temporarily having a negative balance also fall into this category.

Oversight
The oversight of payment systems is an essential function of central banks and aims to ensure the smooth functioning of payment systems and to contribute to financial stability.