PRESS RELEASE

Monetary policy decisions

8 November 2001

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

  1. The minimum bid rate on the main refinancing operations of the Eurosystem will be reduced by 0.50 percentage point to 3.25%, starting from the operation to be settled on 14 November 2001.
  2. The interest rate on the marginal lending facility will be reduced by 0.50 percentage point to 4.25%, with effect from 9 November 2001.
  3. The interest rate on the deposit facility will be reduced by 0.50 percentage point to 2.25%, with effect from 9 November 2001.

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. today.

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