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Key ECB interest rates
The Governing Council of the ECB sets the key interest rates for theeuro area. These are as follows:
- Deposit facility: The rate on the deposit facility, which banks may use to make overnight deposits with the Eurosystem at a pre-set interest rate. The Governing Councildecided in March 2024 to continue to steer the monetary policy stance through this rate.
- Main refinancing operations: The interest rate on the main refinancing operations. In these operations banks can borrow funds from the ECB against broad collateral on a weekly basis at a pre-determined interest rate. The rate is set above the deposit facility rate.
- Marginal lending facility: The rate on the marginal lending facility, which offers overnight credit to banks against broad collateral at a pre-set interest rate. The rate is set above the main refinancing operations rate.
| Date (with effect from) | Deposit facility | Main refinancing operations | Marginal lending facility | ||
|---|---|---|---|---|---|
| Fixed rate tenders Fixed rate | Variable rate tenders Minimum bid rate | ||||
| 2025 | 11 Jun. | 2.00 | 2.15 | - | 2.40 |
| 2025 | 23 Apr. | 2.25 | 2.40 | - | 2.65 |
| 2025 | 12 Mar. | 2.50 | 2.65 | - | 2.90 |
| 2025 | 5 Feb. | 2.75 | 2.90 | - | 3.15 |
| 2024 | 18 Dec. | 3.00 | 3.15 | - | 3.40 |
| 2024 | 23 Oct. | 3.25 | 3.40 | - | 3.65 |
| 2024 | 18 Sep.5 | 3.50 | 3.65 | - | 3.90 |
| 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 standing facilities, i.e. 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.
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