At today’s meeting the Governing Council of the ECB
took the following monetary policy decisions:
(1)
The interest rate on the main refinancing operations of the Eurosystem will be
decreased by 5 basis points to 0.00%, starting from the operation to be settled
on 16 March 2016.
(2)
The interest rate on the marginal lending facility will be decreased by 5 basis
points to 0.25%, with effect from 16 March 2016.
(3)
The interest rate on the deposit facility will be decreased by 10 basis points
to -0.40%, with effect from 16 March 2016.
(4)
The monthly purchases under the asset purchase programme will be expanded to
€80 billion starting in April.
(5)
Investment grade euro-denominated bonds issued by non-bank corporations
established in the euro area will be included in the list of assets that are
eligible for regular purchases.
(6)
A new series of four targeted longer-term refinancing operations (TLTRO II),
each with a maturity of four years, will be launched, starting in June 2016.
Borrowing conditions in these operations can be as low as the interest rate on
the deposit facility.
The
President of the ECB will comment on the considerations underlying these
decisions at a press conference starting at 14:30 CET today.
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