Monthly Bulletin July 2009 - Banque de France
Monthly Bulletin July 2009 - Banque de France
Monthly Bulletin July 2009 - Banque de France
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CHRONOLOGY<br />
5 MARCH <strong>2009</strong><br />
The Governing Council of the ECB <strong>de</strong>ci<strong>de</strong>s<br />
to <strong>de</strong>crease the interest rate on the main<br />
refinancing operations by 50 basis points to<br />
1.50%, starting from the operations to be settled<br />
on 11 March <strong>2009</strong>. In addition, it <strong>de</strong>ci<strong>de</strong>s that<br />
the interest rates on the marginal lending and<br />
the <strong>de</strong>posit facility will be 2.50% and 0.50%<br />
respectively, with effect from 11 March <strong>2009</strong>.<br />
Moreover, the Governing Council <strong>de</strong>ci<strong>de</strong>s<br />
to continue the fixed rate ten<strong>de</strong>r procedure<br />
with full allotment for all main refinancing<br />
operations, special-term refinancing operations<br />
and supplementary and regular longer-term<br />
refinancing operations for as long as nee<strong>de</strong>d,<br />
and in any case beyond the end of <strong>2009</strong>. In<br />
addition, the Governing Council <strong>de</strong>ci<strong>de</strong>s<br />
to continue with the current frequency and<br />
maturity profile of supplementary longerterm<br />
refinancing operations and special-term<br />
refinancing operations for as long as nee<strong>de</strong>d,<br />
and in any case beyond the end of <strong>2009</strong>.<br />
In addition, the Governing Council of the ECB<br />
<strong>de</strong>ci<strong>de</strong>s to proceed with its enhanced credit<br />
support approach. In particular, it <strong>de</strong>ci<strong>de</strong>s that<br />
the Eurosystem will conduct liquidity-providing<br />
longer-term refinancing operations with a<br />
maturity of one year as fixed rate ten<strong>de</strong>r<br />
procedure with full allotment. In addition, it<br />
<strong>de</strong>ci<strong>de</strong>s in principle that the Eurosystem will<br />
purchase euro-<strong>de</strong>nominated covered bonds<br />
issued in the euro area.<br />
4 JUNE <strong>2009</strong><br />
The Governing Council of the ECB <strong>de</strong>ci<strong>de</strong>s<br />
that the interest rate on the main refinancing<br />
operations and the interest rates on the marginal<br />
lending facility and the <strong>de</strong>posit facility will<br />
remain unchanged at 1.00%, 1.75% and 0.25%<br />
respectively. In addition, the Governing Council<br />
of the ECB <strong>de</strong>ci<strong>de</strong>s upon the technical modalities<br />
related to the purchase of euro-<strong>de</strong>nominated<br />
covered bonds issued in the euro area <strong>de</strong>ci<strong>de</strong>d<br />
on 7 May <strong>2009</strong>.<br />
2 APRIL <strong>2009</strong><br />
The Governing Council of the ECB <strong>de</strong>ci<strong>de</strong>s<br />
to <strong>de</strong>crease the interest rate on the main<br />
refinancing operations by 25 basis points to<br />
1.25%, starting from the operations to be settled<br />
on 8 April <strong>2009</strong>. In addition, it <strong>de</strong>ci<strong>de</strong>s that<br />
the interest rates on the marginal lending and<br />
the <strong>de</strong>posit facility will be 2.25% and 0.25%<br />
respectively, with effect from 8 April <strong>2009</strong>.<br />
2 JULY <strong>2009</strong><br />
The Governing Council of the ECB <strong>de</strong>ci<strong>de</strong>s<br />
that the interest rate on the main refinancing<br />
operations and the interest rates on the marginal<br />
lending facility and the <strong>de</strong>posit facility will<br />
remain unchanged at 1.00%, 1.75% and 0.25%<br />
respectively.<br />
7 MAY <strong>2009</strong><br />
The Governing Council of the ECB <strong>de</strong>ci<strong>de</strong>s to<br />
<strong>de</strong>crease the interest rate on the main refinancing<br />
operations by 25 basis points to 1.00%, starting<br />
from the operation to be settled on 13 May<br />
<strong>2009</strong>. In addition, it <strong>de</strong>ci<strong>de</strong>s to <strong>de</strong>crease the<br />
interest rate on the marginal lending facility<br />
by 50 basis points to 1.75% with effect from<br />
13 May <strong>2009</strong>, and to leave the interest rate<br />
on the <strong>de</strong>posit facility unchanged at 0.25%.<br />
ECB<br />
<strong>Monthly</strong> <strong>Bulletin</strong><br />
<strong>July</strong> <strong>2009</strong><br />
III