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2nd LD: ECB cuts benchmark interest rate to record low of zero percent

Xinhua, March 10, 2016 Adjust font size:

The Governing Council of the European Central Bank (ECB) decided to cut the main refinancing operations rate for the euro area by 5 basis points to record low of zero percent on Thursday.

The interest rate on the marginal lending facility will be decreased by 5 basis points to 0.25 percent and the interest rate on the deposit facility will be decreased by 10 basis points to minus 0.4 percent, with effect from 16 March 2016.

Apart from interest rate changes, the ECB decided to expand its monthly purchase of asset by 20 billion euros to 80 billion euros from April. The assets eligible for purchase under the asset purchase program have also been expanded to include investment grade euro-denominated bonds issued by non-bank corporations established in the euro area.

A new series of four targeted longer-term refinancing operations (TLTRO II), each with a maturity of four years, will be launched, starting in June 2016. Enditem