EMU ECB Monetary Policy Statement and Press Conference
|Latest Release:||04-12-2014 13:30:00|
|Next Release:||07-11-2013 13:30:00|
|Source:||European Central Bank|
The European Central Bank (ECB) Governing Council has just completed itâs scheduled September monetary policy meeting. As widely anticipated all three of itâs key interest rates have been maintained at their current levels, the key Refinance rate remains at itâs historic low of 0.05% while the Deposit facility stays at a negative 20 basis points. The Marginal lending facility also stays where it is at 0.30%.
The ECB President, Mario Draghi, will give a press conference shortly where it is anticipated he will comment on both the Bankâs Asset Backed Securities (ABS) purchase program and the potential for a full scale initiative to purchase sovereign debt instruments from Euro member states.
At the press conference in the Italian city of Naples, Draghi will no doubt be asked to comment on the limited take up of the ECBâs Targeted Long Term Refinance Operation. The programme which launched in September saw banks draw down just 82.6Bn euros of an allocation of close to 400Bn. Banks will be offered a second bite of the cherry in December when it is hoped that the participation rate will be improved. The ECB President will have his opportunity to explain his thoughts as to why the liquidity enhancing initiative is so under subscribed but it is likely to have something...
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