On Thursday 12 September in Frankfurt, the ECB’s Governing Council unanimously decided to follow up its June decision (see EUROPE B13425A1) with a further 25 basis point cut in the interest rate on the deposit facility, deeming the available economic data convincing enough to ease monetary policy.
From Wednesday 18 September, the deposit facility rate will therefore fall from 3.75% to 3.5%. In line with decisions taken in March, the spread between this rate and the rate on the main...