PRESS RELEASE

Tender procedures and the standing facilities corridor as of 21 January 2009

18 December 2008

Further to the press release “Changes in tender procedures and in the standing facilities corridor” of 8 October 2008, the Governing Council of the European Central Bank (ECB) today decided the following:

  • The main refinancing operations will continue to be carried out through a fixed rate tender procedure with full allotment beyond the maintenance period ending on 20 January 2009. This measure will be in place for as long as needed, and at least until the last allotment of the third maintenance period in 2009 on 31 March.
  • As of 21 January 2009, the corridor of standing facility rates, which on 9 October 2008 was reduced to 100 basis points around the prevailing interest rate of the main refinancing operation, will be restored to 200 basis points. Therefore, as of 21 January, the rate of the marginal lending facility will be increased from 50 to 100 basis points above the interest rate of the main refinancing operation, and the rate of the deposit facility will be reduced from 50 to 100 basis points below the rate of the main refinancing operation.

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