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The ECB Governing Council sets the key interest rates for the euro area on a monthly basis: the (minimum bid) rate on the main refinancing operations that are the basis for money market rates and the rates on the marginal lending facility and the deposit facility.

At the moment the following rates apply;

  • Marginal lending rate as of 18 September 2019: 0.25%
  • Fixed rate for main refinancing operations as of 18 September 2019: 0.00%
  • Deposit rate as of 18 September 2019: -0.50%


  • Main refinancing rate 
    The (minimum bid) rate on the main refinancing operations, often referred to as the refi rate. The level is determined by the ECB Governing Council.
  • Minimum bid rate 
    The lower limit to the interest rates at which counterparties may submit bids in variable rate tenders.
  • Marginal interest rate 
    The interest rate at which the total allotment in variable rate tenders is exhausted.
  • Weighted average allotment rate 
    The weighted average bid rate of the successful bids in the appropriate tender.
  • Marginal lending rate 
    The rate at which the credit institutions can borrow at all times overnight against collateral and on their own initiative at the national central bank. The marginal rate is usually 100 basis points over the minimum bid rate and with that is the ceiling of the short term money market interest.
  • Deposit rate 
    Interest rate at which credit institutions may at all times place overnight deposits with the national central bank. The deposit rate is normally 100 basis points below the minimum bid rate, thereby setting a lower limit on short-term money market rates.