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The Governing Council of the ECB sets the key interest rates for the euro area. These are as follows:
- The interest rate on the main refinancing operations, which is the rate banks pay when they borrow money from the ECB for one week.
- The rate on the deposit facility, which banks can use to make overnight deposits with the Eurosystem.
- The rate on the marginal lending facility, which offers overnight credit to banks from the Eurosystem.
| Date (with effect from) | Deposit facility | Main refinancing operations | Marginal lending facility | ||
|---|---|---|---|---|---|
| Fixed rate tenders Fixed rate | Variable rate tenders Minimum bid rate | ||||
| 2024 | 12 Jun. | 3.75 | 4.25 | - | 4.50 |
| 2023 | 20 Sep. | 4.00 | 4.50 | - | 4.75 |
| 2023 | 2 Aug. | 3.75 | 4.25 | - | 4.50 |
| 2023 | 21 Jun. | 3.50 | 4.00 | - | 4.25 |
| 2023 | 10 May | 3.25 | 3.75 | - | 4.00 |
| 2023 | 22 Mar. | 3.00 | 3.50 | - | 3.75 |
| 2023 | 8 Feb. | 2.50 | 3.00 | - | 3.25 |
| 2022 | 21 Dec. | 2.00 | 2.50 | - | 2.75 |
| 2022 | 2 Nov. | 1.50 | 2.00 | - | 2.25 |
| 2022 | 14 Sep. | 0.75 | 1.25 | - | 1.50 |
| 2022 | 27 Jul. | 0.00 | 0.50 | - | 0.75 |
| 2019 | 18 Sep. | −0.50 | 0.00 | - | 0.25 |
| 2016 | 16 Mar. | −0.40 | 0.00 | - | 0.25 |
| 2015 | 9 Dec. | −0.30 | 0.05 | - | 0.30 |
| 2014 | 10 Sep. | −0.20 | 0.05 | - | 0.30 |
| 11 Jun. | −0.10 | 0.15 | - | 0.40 | |
| 2013 | 13 Nov. | 0.00 | 0.25 | - | 0.75 |
| 8 May. | 0.00 | 0.50 | - | 1.00 | |
| 2012 | 11 Jul. | 0.00 | 0.75 | - | 1.50 |
| 2011 | 14 Dec. | 0.25 | 1.00 | - | 1.75 |
| 9 Nov. | 0.50 | 1.25 | - | 2.00 | |
| 13 Jul. | 0.75 | 1.50 | - | 2.25 | |
| 13 Apr. | 0.50 | 1.25 | - | 2.00 | |
| 2009 | 13 May | 0.25 | 1.00 | - | 1.75 |
| 8 Apr. | 0.25 | 1.25 | - | 2.25 | |
| 11 Mar. | 0.50 | 1.50 | - | 2.50 | |
| 21 Jan. | 1.00 | 2.00 | - | 3.00 | |
| 2008 | 10 Dec. | 2.00 | 2.50 | - | 3.00 |
| 12 Nov. | 2.75 | 3.25 | - | 3.75 | |
| 15 Oct.4 | 3.25 | 3.75 | - | 4.25 | |
| 9 Oct.3 | 3.25 | - | - | 4.25 | |
| 8 Oct. | 2.75 | - | - | 4.75 | |
| 9 Jul. | 3.25 | - | 4.25 | 5.25 | |
| 2007 | 13 Jun. | 3.00 | - | 4.00 | 5.00 |
| 14 Mar. | 2.75 | - | 3.75 | 4.75 | |
| 2006 | 13 Dec. | 2.50 | - | 3.50 | 4.50 |
| 11 Oct. | 2.25 | - | 3.25 | 4.25 | |
| 9 Aug. | 2.00 | - | 3.00 | 4.00 | |
| 15 Jun. | 1.75 | - | 2.75 | 3.75 | |
| 8 Mar. | 1.50 | - | 2.50 | 3.50 | |
| 2005 | 6 Dec. | 1.25 | - | 2.25 | 3.25 |
| 2003 | 6 Jun. | 1.00 | - | 2.00 | 3.00 |
| 7 Mar. | 1.50 | - | 2.50 | 3.50 | |
| 2002 | 6 Dec. | 1.75 | - | 2.75 | 3.75 |
| 2001 | 9 Nov. | 2.25 | - | 3.25 | 4.25 |
| 18 Sep. | 2.75 | - | 3.75 | 4.75 | |
| 31 Aug. | 3.25 | - | 4.25 | 5.25 | |
| 11 May | 3.50 | - | 4.50 | 5.50 | |
| 2000 | 6 Oct. | 3.75 | - | 4.75 | 5.75 |
| 1 Sep. | 3.50 | - | 4.50 | 5.50 | |
| 28 Jun.2 | 3.25 | - | 4.25 | 5.25 | |
| 9 Jun. | 3.25 | 4.25 | - | 5.25 | |
| 28 Apr. | 2.75 | 3.75 | - | 4.75 | |
| 17 Mar. | 2.50 | 3.50 | - | 4.50 | |
| 4 Feb. | 2.25 | 3.25 | - | 4.25 | |
| 1999 | 5 Nov. | 2.00 | 3.00 | - | 4.00 |
| 9 Apr. | 1.50 | 2.50 | - | 3.50 | |
| 22 Jan. | 2.00 | 3.00 | - | 4.50 | |
| 4 Jan. 1 | 2.75 | 3.00 | - | 3.25 | |
| 1 Jan. | 2.00 | 3.00 | - | 4.50 | |
| (interest rate levels in percentages per annum) | |||||
Before 10 March 2004 changes to the interest rate on the main refinancing operations were, as a rule, effective as of the first operation following the date indicated, unless stated otherwise. The change on 18 September 2001 was effective on that same day. From 10 March 2004 onwards, the date refers both to the deposit and marginal lending facilities and to the main refinancing operations (with changes effective from the first main refinancing operation following the Governing Council decision), unless otherwise indicated.
On 13 March 2024 the ECB announced changes to its operational framework for implementing monetary policy. The spread between the rate on the main refinancing operations and the deposit facility rate will be reduced to 15 basis points. The rate on the marginal lending facility will also be adjusted such that the spread between the rate on the marginal lending facility and the rate on the main refinancing operations will remain unchanged at 25 basis points. These changes will come into effect on 18 September 2024. The main refinancing operations will continue to be conducted through fixed-rate tenders with full allotment against broad collateral. | |||||
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