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.
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