A financial institution is considered to be “liquid” if it has ready access to immediately spendable funds at reasonable cost at precisely the time those funds are needed. The Eurosystem Reserve Management Services are a range of banking services offered by the Eurosystem to central banks, monetary authorities, state institutions and international organisations to enable them to manage their euro-denominated reserve assets comprehensively, efficiently, and in a safe, confidential and reliable environment. The full range of these services is provided by certain national central banks of the Eurosystem – Eurosystem Service Providers – within a single framework coordinated by the ECB. This provides for harmonised terms and conditions that ensure consistency throughout the euro area. As the reserve management services provided under the Eurosystem framework are addressed to this specific group of customers, they should not be seen as competing with the services offered by private financial institutions. The services are tailor-made to address the special needs and concerns of those institutions that operate in the same area of central banking as the Eurosystem itself.