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PRESS RELEASE

Monetary policy decisions

8 April 1999

At today's meeting the Governing Council of the ECB took the following monetary policy decisions:

  1. The interest rate on the main refinancing operations will be reduced by 0.5 percentage point to 2.5%, starting with the operation to be settled on 14 April 1999.
  2. The interest rate on the marginal lending facility will be reduced by 1 percentage point to 3.5%, effective 9 April 1999.
  3. The interest rate on the deposit facility will be reduced by 0.5 percentage point to 1.5%, effective 9 April 1999.

A statement providing the reasons for these decisions will be made by the President of the ECB at a press conference following the conclusion of the Governing Council meeting later today.

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