Frankfurt, 03/01/2002 (Agence Europe) - At its first meeting of 2002 on 3 January (see above for further information on the bank's' comments about the introduction of the Euro), the European Central Bank's Governing Council decided to keep interest rates unchanged. The minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 3.25%, 4.25% and 2.25%.
The Council of Governors have decided to allot EUR 20 billion for every longer-term refinancing operation in 2002. An ECB press release said that, "This amount takes into consideration the expected liquidity needs of the Euro area banking system in 2002 and the desire of the Eurosystem to continue to provide the bulk of refinancing of the financial sector through its main refinancing operations". The press release also points out that the Governors may adjust the allotment amount in the course of the year in the event of unexpected developments in liquidity needs. (See EUROPE 29 December, page 5 for the timetable for the Governors Council meetings in 2002).