Eurosystem

Interest Rates

The three key interest rates for the euro area:

  • The interest rate on the main refinancing operations (MRO), which provide the bulk of liquidity to the banking system.
  • The rate on the deposit facility, which banks may use to make overnight deposits with the Eurosystem.
  • The rate on the marginal lending facility, which offers overnight credit to banks from the Eurosystem.

Source: ECB.

(interest rate levels in percentages per annum)


 
With effect from Deposit facility Main refinancing operations
(fixed rate)
Main refinancing operations
(variable rate)
Marginal
lending
facility
2016
16 March -0.40 0.00 -
0.25
2015
9 December -0.30 0.05 -
0.30
2014
10 September -0.20 0.05 -
0.30
11 June -0.10 0.15 -
0.40
2013
13 November 0.00 0.25 -
0.75
8 May 0.00 0.50 -
1.00
2012
11 July 0.00 0.75 -
1.50
2011
14 December 0.25 1.00 -
1.75
9 November 0.50 1.25 -
2.00
13 July 0.75 1.50 -
2.25
13 Apr 0.50 1.25 -
2.00
2009
13 May 0.25 1.00 -
1.75
8 Apr 0.25 1.25 -
2.25
11 March 0.50 1.50 -
2.50
21 January 1.00 2.00 -
3.00
2008
10 December 2.00 2.50 -
3.00
12 November 2.75 3.25 -
3.75
15 October 3.25 3.75 -
4.25
9 October 3.25 - -
4.25
8 October 2.75 - -
4.75
9 July 3.25 - 4.25
5.25
2007
13 June 3.00 - 4.00
5.00
14 March 2.75 - 3.75
4.75
2006
13 December 2.50 - 3.50
4.50
11 October 2.25 - 3.25
4.25
9 August 2.00 - 3.00
4.00
15 June 1.75 - 2.75
3.75
8 March 1.50 - 2.50
3.50
2005
6 December 1.25 - 2.25
3.25
2003
6 June 1.00 - 2.00
3.00
7 March 1.50 - 2.50
3.50
4 February 2.25 - -
2002
6 December 1.75 - 2.75
3.75
4 February - -
2001
9 November 2.25 - 3.25
4.25
18 September 2.75 - 3.75
4.75
31 August 3.25 - 4.25
5.25
11 May 3.50 - 4.50
5.50
4 February 3.25 -
2000
6 October 3.75 - 4.75
5.75
1 September 3.50 - 4.50
5.50
28 June 3.25 - 4.25
5.25
9 June 3.25 4.25 -
5.25
28 Apr 2.75 3.75 -
4.75
17 March 2.50 3.50 -
4.50
4 February - -
4.25
1999
5 November 2.00 3.00 -
4.00
9 Apr 1.50 2.50 -
3.50
22 January 2.00 3.00 -
4.50
4 January 2.75 3.00 -
3.25
1 January 2.00 3.00 -
4.50