PRESS RELEASE

Monetary policy decisions

21 October 1999

At today's meeting the Governing Council of the ECB took the following decisions:

  1. The interest rates on the main refinancing operations, the marginal lending facility and the deposit facility will remain unchanged at 2.5%, 3.5% and 1.5% respectively.
  2. For the longer-term refinancing operations to be settled on 28 October 1999, 25 November 1999 and 23 December 1999, the intention is to allot an amount of EUR 25 billion per operation. This amount is higher than the amount of EUR 15 billion allotted for all previous longer-term refinancing operations conducted in 1999. This decision takes into account the intention of the ECB to contribute to a smooth transition to the year 2000.

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