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Key ECB interest rates

The Governing Council of the ECB sets the key interest rates for the euro area:

  • The interest rate on the main refinancing operations (MRO), which provide the bulk of liquidity to the banking system.
  • The rate on the deposit facility, which banks may 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		  
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)
Prior to 10 March 2004, changes to the interest rate for 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.
  1. On 22 December 1998 the ECB announced that, as an exceptional measure between 4 and 21 January 1999, a narrown corridor of 50 basis points would be applied between the interest rates for the marginal lending facility and the deposit facility, aimed at facilitating the transition to the new regime by market participants.
  2. On 8 June 2000 the ECB announced that, starting from the operation to be settled on 28 June 2000, the main refinancing operations of the Eurosystem would be conducted as variable rate tenders. The minimum bid rate refers to the minimum interest rate at which counterparties may place their bids.
  3. As of 9 October 2008 the ECB reduced the standing facilities corridor from 200 basis points to 100 basis points around the interest rate on the main refinancing operations.
  4. On 8 October 2008 the ECB announced that, starting from the operation to be settled on 15 October, the weekly main refinancing operations would be carried out through a fixed-rate tender procedure with full allotment at the interest rate on the main refinancing operations. This change overrode the previous decision (made on the same day) to cut by 50 basis points the minimum bid rate on the main refinancing operations conducted as variable rate tenders.

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