Eurosystem policy rates
| Decision date | Effective date 1) | Fixed-rate tenders, main refinancing rate | Variable rate tenders, minimum bid rate | Standing facilities, deposit rate | Marginal lending rate |
| 12 Dec 2024 | 18 Dec 2024 | 3.15 | – | 3.00 | 3.40 |
| 17 Oct 2024 | 23 Oct 2024 | 3.40 | – | 3.25 | 3.65 |
| 12 Sep 2024 | 18 Sep 2024 | 3.65 | – | 3.50 | 3.90 |
| 6 Jun 2024 | 12 Jun 2024 | 4.25 | – | 3.75 | 4.50 |
| 14 Sep 2023 | 20 Sep 2023 | 4.50 | – | 4.00 | 4.75 |
| 27 Jul 2023 | 2 Aug 2023 | 4.25 | – | 3.75 | 4.50 |
| 15 Jun 2023 | 21 Jun 2023 | 4.00 | – | 3.50 | 4.25 |
| 4 May 2023 | 10 May 2023 | 3.75 | – | 3.25 | 4.00 |
| 16 Mar 2023 | 22 Mar 2023 | 3.50 | – | 3.00 | 3.75 |
| 2 Feb 2023 | 8 Feb 2023 | 3.00 | – | 2.50 | 3.25 |
| 16 Dec 2022 | 21 Dec 2022 | 2.50 | – | 2.00 | 2.75 |
| 28 Oct 2022 | 2 Nov 2022 | 2.00 | – | 1.50 | 2.25 |
| 8 Sep 2022 | 14 Sep 2022 | 1.25 | – | 0.75 | 1.50 |
| 21 Jul 2022 | 27 Jul 2022 | 0.50 | – | 0.00 | 0.75 |
| 12 Sep 2019 | 18 Sep 2019 | 0.00 | – | -0.50 | 0.25 |
| 10 Mar 2016 | 16 Mar 2016 | 0.00 | – | -0.40 | 0.25 |
| 3 Dec 2015 | 9 Dec 2015 | 0.05 | – | -0.30 | 0.30 |
| 5 Sep 2014 | 10 Sep 2014 | 0.05 | – | -0.20 | 0.30 |
| 5 Jun 2014 | 11 Jun 2014 | 0.15 | – | -0.10 | 0.40 |
| 7 Nov 2013 | 13 Nov 2013 | 0.25 | – | 0.00 | 0.75 |
| 2 May 2013 | 8 May 2013 | 0.50 | – | 0.00 | 1.00 |
| 5 Jul 2012 | 11 Jul 2012 | 0.75 | – | 0.00 | 1.50 |
| 8 Dec 2011 | 14 Dec 2011 | 1.00 | – | 0.25 | 1.75 |
| 3 Nov 2011 | 9 Nov 2011 | 1.25 | – | 0.50 | 2.00 |
| 7 Jul 2011 | 13 Jul 2011 | 1.50 | – | 0.75 | 2.25 |
| 7 Apr 2011 | 13 Apr 2011 | 1.25 | – | 0.50 | 2.00 |
| 7 May 2009 | 13 May 2009 | 1.00 | – | 0.25 | 1.75 |
| 2 Apr 2009 | 8 Apr 2009 | 1.25 | – | 0.25 | 2.25 |
| 5 Mar 2009 | 11 Mar 2009 | 1.50 | – | 0.50 | 2.50 |
| 15 Jan 2009 | 21 Jan 2009 | 2.00 | – | 1.00 | 3.00 |
| 4 Dec 2008 | 10 Dec 2008 | 2.50 | – | 2.00 | 3.00 |
| 6 Nov 2008 | 12 Nov 2008 | 3.25 | – | 2.75 | 3.75 |
| 8 Oct 2008 | 15 Oct 2008 | 3.75 | – | 3.25 | 4.25 |
| 8 Oct 2008 | 9 Oct 2008 | – | 4.25 | 3.25 | 4.25 |
| 8 Oct 2008 | 8 Oct 2008 | – | 4.25 | 2.75 | 4.75 |
| 3 Jul 2008 | 9 Jul 2008 | – | 4.25 | 3.25 | 5.25 |
| 6 Jun 2007 | 13 Jun 2007 | – | 4.00 | 3.00 | 5.00 |
| 8 Mar 2007 | 14 Mar 2007 | – | 3.75 | 2.75 | 4.75 |
| 7 Dec 2006 | 13 Dec 2006 | – | 3.50 | 2.50 | 4.50 |
| 5 Oct 2006 | 11 Oct 2006 | – | 3.25 | 2.25 | 4.25 |
| 3 Aug 2006 | 9 Aug 2006 | – | 3.00 | 2.00 | 4.00 |
| 8 Jun 2006 | 15 Jun 2006 | – | 2.75 | 1.75 | 3.75 |
| 2 Mar 2006 | 8 Mar 2006 | – | 2.50 | 1.50 | 3.50 |
| 1 Dec 2005 | 6 Dec 2005 | – | 2.25 | 1.25 | 3.25 |
| 5 Jun 2003 | 6 Jun 2003 | – | 2.00 | 1.00 | 3.00 |
| 6 Mar 2003 | 7 Mar 2003 | – | 2.50 | 1.50 | 3.50 |
| 5 Dec 2002 | 6 Dec 2002 | – | 2.75 | 1.75 | 3.75 |
| 8 Nov 2001 | 9 Nov 2001 | – | 3.25 | 2.25 | 4.25 |
| 17 Sep 2001 | 18 Sep 2001 | – | 3.75 | 2.75 | 4.75 |
| 30 Aug 2001 | 31 Aug 2001 | – | 4.25 | 3.25 | 5.25 |
| 10 May 2001 | 11 May 2001 | – | 4.50 | 3.50 | 5.50 |
| 5 Oct 2000 | 6 Oct 2000 | – | 4.75 | 3.75 | 5.75 |
| 31 Aug 2000 | 1 Sep 2000 | – | 4.50 | 3.50 | 5.50 |
| 8 Jun 2000 | 28 Jun 2000 (3) | – | 4.25 | 3.25 | 5.25 |
| 8 Jun 2000 | 9 Jun 2000 | 4.25 | – | 3.25 | 5.25 |
| 27 Apr 2000 | 28 Apr 2000 | 3.75 | – | 2.75 | 4.75 |
| 16 Mar 2000 | 17 Mar 2000 | 3.50 | – | 2.50 | 4.50 |
| 3 Feb 2000 | 4 Feb 2000 | 3.25 | – | 2.25 | 4.25 |
| 4 Nov 1999 | 5 Nov 1999 | 3.00 | – | 2.00 | 4.00 |
| 8 Apr 1999 | 9 Apr 1999 | 2.50 | – | 1.50 | 3.50 |
| 21 Jan 1999 | 22 Jan 1999 | 3.00 | – | 2.00 | 4.50 |
| 22 Dec 1998 | 4 Jan 1999 (2) | 3.00 | – | 2.75 | 3.25 |
| 22 Dec 1998 | 1 Jan 1999 | 3.00 | – | 2.00 | 4.50 |
Source: European Central Bank.
1) 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 are 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 (changes effective from the first main refinancing operation following the Governing Council discussion), unless otherwise indicated.
2) 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 monetary regime by market participants.
3) 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. The minimum bid rate refers to the minimum interest rate at which counterparties may place their bids.