ANNUAL REPORT 2008 - Polymer Bank Notes of the World

oth the marginal lending facility and the depositfacility, to 4.75% and 2.75% respectively, withimmediate effect. Moreover, the GoverningCouncil decides that, as from the operation settledon 15 October, the weekly main refinancingoperations will be carried out through a fixedratetender procedure with full allotment at theinterest rate on the main refinancing operation.Furthermore, as of 9 October, the ECB willreduce the corridor of standing facilities from200 basis points to 100 basis points around theinterest rate on the main refinancing operation.The two measures will remain in place for aslong as needed, and at least until the end of thefirst maintenance period of 2009, on 20 January.15 OCTOBER 2008The Governing Council of the ECB decides tofurther expand the collateral framework andenhance the provision of liquidity. To do so, theGoverning Council decides: (i) to expand thelist of assets eligible as collateral in Eurosystemcredit operations, with this expansion remainingin force until the end of 2009, (ii) to enhancethe provision of longer-term refinancing, witheffect from 30 October 2008 and until the end ofthe first quarter of 2009, and (iii) to provide USdollar liquidity through foreign exchange swaps.6 NOVEMBER 2008The Governing Council of the ECB decidesto decrease the interest rate on the mainrefinancing operations by 50 basis points to3.25%, starting from the operations to be settledon 12 November 2008. In addition, it decides todecrease by 50 basis points the interest rates onboth the marginal lending facility and the depositfacility, to 3.75% and 2.75% respectively, witheffect from 12 November 2008.4 DECEMBER 2008The Governing Council of the ECB decides todecrease the interest rate on the main refinancingoperations of the Eurosystem by 75 basis pointsto 2.50%, starting from the operations to besettled on 10 December 2008. In addition,it decides to decrease by 75 basis points theinterest rates on both the marginal lendingand the deposit facility to 3.00% and 2.00%respectively, with effect from 10 December2008.18 DECEMBER 2008The Governing Council of the ECB decidesthat the main refinancing operations willcontinue to be carried out through a fixed ratetender procedure with full allotment beyond themaintenance period ending on 20 January 2009.This measure will be in place for as long asneeded, and at least until the last allotment of thethird maintenance period in 2009 on 31 March.Moreover, as of 21 January 2009, the corridor ofstanding facility rates, which on 9 October 2008was reduced to 100 basis points around theprevailing interest rate of the main refinancingoperation, will be be re-widened symmetricallyto 200 basis points.15 JANUARY 2009The Governing Council of the ECB decides todecrease the fixed rate on the main refinancingoperations by 50 basis points to 2.00%,starting from the operations to be settled on21 January 2009. In addition, it decides thatthe interest rates on the marginal lending andthe 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 2009The Governing Council of the ECB decidedthat the interest rate on the main refinancingoperations and the interest rates on the marginallending facility and the deposit facility willremain unchanged at 2.00%, 3.00% and 1.00%respectively.ECBAnnual Report2008259