ECB Cuts Deposit Facility Rate to -0.3%; Draghi to Announce Further Policy Measures

(Updated - December 3, 2015 7:47 AM EST)

At today’s meeting the Governing Council of the ECB decided that the interest rate on the deposit facility will be decreased by 10 basis points to -0.30%, with effect from 9 December 2015.

The interest rate on the main refinancing operations and the interest rate on the marginal lending facility will remain unchanged at 0.05% and 0.30% respectively.

Further monetary policy measures will be communicated by the President of the ECB at a press conference starting at 14:30 CET today.

UPDATE: At the conference call, the ECB made the following announcements:

• we decided to extend the asset purchase programme until the end of March 2017, or beyond, if necessary
• we decided to reinvest the principal payments on the securities purchased under the APP as they mature, as long as necessary
• we decided to include, in the PSPP, debt instruments issued by regional and local governments located in the euro area

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