ECB Cuts Interest Rates; Moves Overnight Deposit Rate Into Negative Territory

LOGOToday the European Central Bank lowered euro area interest rates to record lows and issued negative overnight deposit rates to encourage more lending across the 18 member euro area and to combat the growing risk of deflation.

The interest rate on the main refinancing operations was decreased by 10 basis points to 0.15 percent from .025 percent and will be settled on June 11, 2014.

The interest rate on the marginal lending facility was decreased by 35 basis points to 0.40 percent from .75 percent effective June 11, 2014.

The interest rate on the overnight deposit facility was decreased by 10 basis points to -0.10 percent, effective June 11, 2014.

A separate press release will published at 3.30 p.m. CET today and will provide further details on the implementation of the negative deposit facility rate.

Further monetary policy measures will be communicated in a press release to be published at 3.30 p.m. CET today.

-Johnathan Schweitzer

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