Money market rates

Marginal lending facility as from 13 May 2009: 1.75%

Main refinancing operations as from 13 May 2009: 1.00%

Deposit facility as from 13 May 2009: 0.25%

Explanation

  • Marginal lending rate
    Interest rate at which credit institutions may at all times, and at their own initiative, borrow liquidities against collateral from the national central bank. The marginal lending rate exceeds the minimum bid rate used in main refinancing operations (currently by 1.00% or 50 'basis points'), thereby setting, in normal circumstances, a de facto upper limit on short-term interest rates.
  • Deposit rate
    Interest rate at which credit institutions may at all times, and at their own initiative, place overnight deposits with the national central bank. The deposit rate is below the minimum bid rate used in main refinancing operations (currently by 1.00% or 50 'basis points'), thereby setting, in normal circumstances, a de facto lower limit on short-term interest rates.