Monthly Bulletin July 2009 - Banque de France

oth the marginal lending facility and the deposit
facility, to 4.75% and 2.75% respectively, with
immediate effect. Moreover, the Governing
Council decides that, as from the operation settled
on 15 October, the weekly main refinancing
operations will be carried out through a fixedrate
tender procedure with full allotment at the
interest rate on the main refinancing operation.
Furthermore, as of 9 October, the ECB will
reduce the corridor of standing facilities from
200 basis points to 100 basis points around the
interest rate on the main refinancing operation.
The two measures will remain in place for as
long as needed, and at least until the end of the
first maintenance period of 2009, on 20 January.
15 OCTOBER 2008
The Governing Council of the ECB decides to
further expand the collateral framework and
enhance the provision of liquidity. To do so, the
Governing Council decides: (i) to expand the
list of assets eligible as collateral in Eurosystem
credit operations, with this expansion remaining
in force until the end of 2009, (ii) to enhance
the provision of longer-term refinancing, with
effect from 30 October 2008 and until the end of
the first quarter of 2009, and (iii) to provide US
dollar liquidity through foreign exchange swaps.
6 NOVEMBER 2008
The Governing Council of the ECB decides
to decrease the interest rate on the main
refinancing operations by 50 basis points to
3.25%, starting from the operations to be settled
on 12 November 2008. In addition, it decides to
decrease by 50 basis points the interest rates on
both the marginal lending facility and the deposit
facility, to 3.75% and 2.75% respectively, with
effect from 12 November 2008.
4 DECEMBER 2008
The Governing Council of the ECB decides to
decrease the interest rate on the main refinancing
operations of the Eurosystem by 75 basis points
to 2.50%, starting from the operations to be
settled on 10 December 2008. In addition,
it decides to decrease by 75 basis points the
interest rates on both the marginal lending
and the deposit facility to 3.00% and 2.00%
respectively, with effect from 10 December
2008.
18 DECEMBER 2008
The Governing Council of the ECB decides
that the main refinancing operations will
continue to be carried out through a fixed rate
tender procedure with full allotment beyond the
maintenance period ending on 20 January 2009.
This measure will be in place for as long as
needed, and at least until the last allotment of the
third maintenance period in 2009 on 31 March.
Moreover, as of 21 January 2009, the corridor of
standing facility rates, which on 9 October 2008
was reduced to 100 basis points around the
prevailing interest rate of the main refinancing
operation, will be be re-widened symmetrically
to 200 basis points.
15 JANUARY 2009
The Governing Council of the ECB decides
to decrease the interest rate on the main
refinancing operations by 50 basis points to
2.00%, starting from the operations to be settled
on 21 January 2009. In addition, it decides that
the interest rates on the marginal lending and
the deposit facility will be 3.00% and 1.00%
respectively, with effect from 21 January 2009,
in line with the decision of 18 December 2008.
5 FEBRUARY 2009
The Governing Council of the ECB decides
that the interest rate on the main refinancing
operations and the interest rates on the marginal
lending facility and the deposit facility will
remain unchanged at 2.00%, 3.00% and 1.00%
respectively.
II
ECB
Monthly Bulletin
July 2009