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ECB cuts interest rates by 10 basis points

English.news.cn   2014-09-04 21:31:54

FRANKFURT, Sept. 4 (Xinhua) -- The European Central Bank (ECB) on Thursday decided to cut all the interest rates by 10 basis points and start buying non-financial private sector assets.

The interest rates on the main refinancing operations, the marginal lending facility and the deposit facility of the Eurosystem will be decreased by 10 basis points to 0.05 percent, 0.3 percent and minus 0.2 percent respectively, starting from the operation to be settled on Sept. 10, 2014, said an ECB announcement.

The Eurosystem will purchase a broad portfolio of simple and transparent asset-backed securities (ABSs) and a broad portfolio of euro-denominated covered bonds issued by Monetary financial institutions (MFIs) domiciled in the euro area under a new covered bond purchase program, according to the ECB President Mario Draghi.

Interventions under these programs will start in October 2014. The detailed modalities of these programs will be announced after the Governing Council meeting of Oct. 2, 2014.

"The newly decided measures, together with the targeted longer-term refinancing operations which will be conducted in two weeks, will have a sizeable impact on our balance sheet," said Draghi at the press conference following the ECB Governing Council meeting.

Draghi said last month at the Fed's annual symposium in Jackson Hole, Wyoming that the ECB is willing to push more accommodative monetary policy as the continent suffered stagnant economies.

Editor: Shen Qing
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