ECB Interest Rates
The Governing Council of the European central bank sets the key interest rates. Decisions are taken on its monetary meetings, which are generally held every six weeks.
| Effective date | Marginal deposit | Main refinancing operations | Marginal loan |
|---|---|---|---|
| 04/23/2025 | 2.25% | 2.40% | 2.65% |
| 03/12/2025 | 2.50% | 2.65% | 2.90% |
| 02/05/2025 | 2.75% | 2.90% | 3.15% |
| 12/18/2024 | 3.00% | 3.15% | 3.40% |
| 10/23/2024 | 3.25% | 3.40% | 3.65% |
| 09/18/2024 | 3.50% | 3.65% | 3.90% |
| 06/12/2024 | 3.75% | 4.25% | 4.50% |
| 09/20/2023 | 4.00% | 4.50% | 4.75% |
| 08/02/2023 | 3.75% | 4.25% | 4.50% |
| 06/21/2023 | 3.50% | 4.00% | 4.25% |
| 05/10/2023 | 3.25% | 3.75% | 4.00% |
| 03/22/2023 | 3.00% | 3.50% | 3.75% |
| 02/08/2023 | 2.50% | 3.00% | 3.25% |
| 12/21/2022 | 2.00% | 2.50% | 2.75% |
| 11/02/2022 | 1.50% | 2.00% | 2.25% |
| 09/14/2022 | 0.75% | 1.25% | 1.50% |
| 07/27/2022 | 0.00% | 0.50% | 0.75% |
| 09/18/2019 | -0.50% | 0.00% | 0.25% |
| 03/16/2016 | -0.40% | 0.00% | 0.25% |
| 12/09/2015 | -0.30% | 0.05% | 0.30% |
| 09/10/2014 | -0.20% | 0.05% | 0.30% |
| 06/11/2014 | -0.10% | 0.15% | 0.40% |
| 11/13/2013 | 0.00% | 0.25% | 0.75% |
| 05/08/2013 | 0.00% | 0.50% | 1.00% |
| 07/11/2012 | 0.00% | 0.75% | 1.50% |
| 12/14/2011 | 0.25% | 1.00% | 1.75% |
| 11/09/2011 | 0.50% | 1.25% | 2.00% |
| 07/13/2011 | 0.75% | 1.50% | 2.25% |
| 04/13/2011 | 0.50% | 1.25% | 2.00% |
| 05/13/2009 | 0.25% | 1.00% | 1.75% |
| 04/08/2009 | 0.25% | 1.25% | 2.25% |
| 03/11/2009 | 0.50% | 1.50% | 2.50% |
| 01/21/2009 | 1.00% | 2.00% | 3.00% |
| 12/10/2008 | 2.00% | 2.50% | 3.00% |
| 11/12/2008 | 2.75% | 3.25% | 3.75% |
| 10/15/2008 | 3.75% | ||
| 10/09/2008 | 3.25% | 4.25% | |
| 10/08/2008 | 2.75% | 4.75% | |
| 07/09/2008 | 3.25% | 4.25% | 5.25% |
| 06/13/2007 | 3.00% | 4.00% | 5.00% |
| 03/14/2007 | 2.75% | 3.75% | 4.75% |
| 12/13/2006 | 2.50% | 3.50% | 4.50% |
| 10/11/2006 | 2.25% | 3.25% | 4.25% |
| 08/09/2006 | 2.00% | 3.00% | 4.00% |
| 06/15/2006 | 1.75% | 2.75% | 3.75% |
| 03/08/2006 | 1.50% | 2.50% | 3.50% |
| 12/06/2005 | 1.25% | 2.25% | 3.25% |
| 06/06/2003 | 1.00% | 2.00% | 3.00% |
| 03/07/2003 | 1.50% | 2.50% | 3.50% |
| 12/06/2002 | 1.75% | 2.75% | 3.75% |
| 11/09/2001 | 2.25% | 3.25% | 4.25% |
| 09/18/2001 | 2.75% | 3.75% | 4.75% |
| 08/31/2001 | 3.25% | 4.25% | 5.25% |
| 05/11/2001 | 3.50% | 4.50% | 5.50% |
| 10/06/2000 | 3.75% | 4.75% | 5.75% |
| 09/01/2000 | 3.50% | 4.50% | 5.50% |
| 06/28/2000 | 3.25% | 4.25% | 5.25% |
| 06/09/2000 | 3.25% | 4.25% | 5.25% |
| 04/28/2000 | 2.75% | 3.75% | 4.75% |
| 03/17/2000 | 2.50% | 3.50% | 4.50% |
| 02/04/2000 | 2.25% | 3.25% | 4.25% |
| 11/05/1999 | 2.00% | 3.00% | 4.00% |
| 04/09/1999 | 1.50% | 2.50% | 3.50% |
| 01/22/1999 | 2.00% | 3.00% | 4.50% |
| 01/04/1999 | 2.75% | 3.00% | 3.25% |
| 01/01/1999 | 2.00% | 3.00% | 4.50% |
Notes
From 1 January 1999 to 9 March 2004, the date refers to the deposit and marginal lending facilities. For main refinancing operations, changes in the rate were effective from the first operation following the date indicated. The change on 18 September 2001 was effective on that same day. From 10 March 2004 onwards, the date refers to the deposit and marginal lending facilities and to the main refinancing operations. As a rule changes are effective from the first main refinancing operation following the Governing Council decision.
On 22 December 1998 the ECB announced that, as an exceptional measure between 4 and 21 January 1999, a narrow corridor of 50 basis points would be applied between the interest rates for the marginal lending facility and the deposit facility, aimed at facilitating the transition to the new regime by market participants, following the introduction of the euro.
On 8 June 2000 the ECB announced that, starting from the operation to be settled on 28 June 2000, the main refinancing operations of the Eurosystem would be conducted as variable rate tenders, whereby the counterparties bid both the amount of money they want to transact with the central bank and the interest rate at which they want to enter into the transaction. From that day to 14 October 2008 the main refinancing operations rate refers to the minimum interest rate at which counterparties may have placed their bids. Before 28 June 2000 the main refinancing operations were conducted as fixed rate tenders where the interest rate is specified in advance by the central bank and participating counterparties bid the amount of money they want to transact at the fixed interest rate.
As of 9 October 2008, the ECB reduced the spread between the deposit facility and marginal lending rates from 200 basis points to 100 basis points.
On 8 October 2008 the ECB decided that, starting from the operation to be settled on 15 October 2008, the main refinancing operations would be carried out through a fixed rate tender procedure with full allotment at the interest rate on the main refinancing operations. This means that the interest rate is specified in advance by the central bank, which accepts in full all bids submitted by counterparties.
On 13 March 2024 the ECB announced changes to its operational framework for implementing monetary policy. Effective 18 September 2024, the spread between the rate on the main refinancing operations and the deposit facility rate was reduced to 15 from 50 basis points. The spread between the rate on the marginal lending facility and the rate on the main refinancing operations remains unchanged at 25 basis points. The main refinancing operations continues to be conducted through fixed-rate tenders with full allotment.