The Eurosystem offers credit institutions two standing facilities:
|Standing facilities rates ( Effective from 16 March 2016)|
|Marginal lending facility rate:||0.25 %|
|Deposit facility rate:||− 0.40 %|
|Use of the standing facilities (Figures as at 2018-11-14, EUR millions)|
|Use of the marginal lending facility:||96|
|Use of the deposit facility:||630,602|
Both facilities are available to eligible counterparties on their own initiative, subject to their fulfilment of certain operational access conditions.
The time limit to request access to the standing facilities is half an hour after the close of TARGET2 , except on the last working day of the reserve maintenance period, when the time limit is an hour.
The standing facilities are administered in a decentralised manner by the national central banks. The terms and conditions of use of the standing facilities are identical throughout the euro area.
The interest rates on the marginal lending and deposit facilities normally provide a ceiling and a floor for the overnight market interest rate.