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Chronology of monetary policy measures of the Eurosystem

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									ANNEXES

CHRONOLOGY OF MONETARY POLICY
MEASURES OF THE EUROSYSTEM 1
11 JANUARY AND 8 FEBRUARY 2007                      5 JULY, 2 AUGUST, 6 SEPTEMBER, 4 OCTOBER,
                                                    8 NOVEMBER AND 6 DECEMBER 2007, AND
The Governing Council of the ECB decides            10 JANUARY, 7 FEBRUARY, 6 MARCH, 10 APRIL,
that the minimum bid rate on the main               8 MAY AND 5 JUNE 2008
re¾nancing operations and the interest rates on
the marginal lending facility and the deposit       The Governing Council of the ECB decides that
facility will remain unchanged at 3.50%,            the minimum bid rate on the main re¾nancing
4.50% and 2.50% respectively.                       operations and the interest rates on the marginal
                                                    lending facility and the deposit facility will
                                                    remain unchanged at 4.00%, 5.00% and 3.00%
8 MARCH 2007                                        respectively.

The Governing Council of the ECB decides
to increase the minimum bid rate on the main        3 JULY 2008
re¾nancing operations by 25 basis points to
3.75%, starting from the operation to be settled    The Governing Council of the ECB decides
on 14 March 2007. In addition, it decides to        to increase the minimum bid rate on the main
increase the interest rates on both the marginal    re¾nancing operations by 25 basis points
lending facility and the deposit facility by        to 4.25%, starting from the operation to be
25 basis points, to 4.75% and 2.75%, both with      settled on 9 July 2008. In addition, it decides
effect from 14 March 2007.                          to increase by 25 basis points the interest
                                                    rates on both the marginal lending facility
                                                    and the deposit facility, to 5.25% and 3.25%
12 APRIL AND 10 MAY 2007                            respectively, with effect from 9 July 2008.

The Governing Council of the ECB decides
that the minimum bid rate on the main               7 AUGUST, 4 SEPTEMBER AND
re¾nancing operations and the interest rates on     2 OCTOBER 2008
the marginal lending facility and the deposit
facility will remain unchanged at 3.75%, 4.75%      The Governing Council of the ECB decides that
and 2.75% respectively.                             the minimum bid rate on the main re¾nancing
                                                    operations and the interest rates on the marginal
                                                    lending facility and the deposit facility will
6 JUNE 2007                                         remain unchanged at 4.25%, 5.25% and 3.25%
                                                    respectively.
The Governing Council of the ECB decides
to increase the minimum bid rate on the main
re¾nancing operations by 25 basis points to         8 OCTOBER 2008
4%, starting from the operation to be settled on
13 June 2007. In addition, it decides to increase   The Governing Council of the ECB decides
by 25 basis points the interest rates on both       to decrease the minimum bid rate on the main
the marginal lending facility and the deposit       re¾nancing operations by 50 basis points to
facility, to 5% and 3% respectively, with effect    3.75%, starting from the operations to be settled
from 13 June 2007.                                  on 15 October 2008. In addition, it decides to
                                                    decrease by 50 basis points the interest rates on


                                                    1   The chronology of monetary policy measures taken by the
                                                        Eurosystem between 1999 and 2006 can be found in the ECB’s
                                                        Annual Report for the respective years.

                                                                                                                  ECB
                                                                                                      Monthly Bulletin
                                                                                                           June 2010     I
       both the marginal lending facility and the deposit    operations of the Eurosystem by 75 basis points
       facility, to 4.75% and 2.75% respectively, with       to 2.50%, starting from the operations to be
       immediate effect. Moreover, the Governing             settled on 10 December 2008. In addition,
       Council decides that, as from the operation settled   it decides to decrease by 75 basis points the
       on 15 October, the weekly main re¾nancing             interest rates on both the marginal lending
       operations will be carried out through a ¾xed-        and the deposit facility to 3.00% and 2.00%
       rate tender procedure with full allotment at the      respectively, with effect from 10 December
       interest rate on the main re¾nancing operation.       2008.
       Furthermore, as of 9 October, the ECB will
       reduce the corridor of standing facilities from
       200 basis points to 100 basis points around the       18 DECEMBER 2008
       interest rate on the main re¾nancing operation.
       The two measures will remain in place for as          The Governing Council of the ECB decides
       long as needed, and at least until the end of the     that the main re¾nancing operations will
       ¾rst maintenance period of 2009, on 20 January.       continue to be carried out through a ¾xed rate
                                                             tender procedure with full allotment beyond the
                                                             maintenance period ending on 20 January 2009.
       15 OCTOBER 2008                                       This measure will be in place for as long as
                                                             needed, and at least until the last allotment of the
       The Governing Council of the ECB decides to           third maintenance period in 2009 on 31 March.
       further expand the collateral framework and           Moreover, as of 21 January 2009, the corridor of
       enhance the provision of liquidity. To do so, the     standing facility rates, which on 9 October 2008
       Governing Council decides: (i) to expand the          was reduced to 100 basis points around the
       list of assets eligible as collateral in Eurosystem   prevailing interest rate of the main re¾nancing
       credit operations, with this expansion remaining      operation, will be re-widened symmetrically to
       in force until the end of 2009, (ii) to enhance       200 basis points.
       the provision of longer-term re¾nancing, with
       effect from 30 October 2008 and until the end of
       the ¾rst quarter of 2009, and (iii) to provide US     15 JANUARY 2009
       dollar liquidity through foreign exchange swaps.
                                                             The Governing Council of the ECB decides
                                                             to decrease the interest rate on the main
       6 NOVEMBER 2008                                       re¾nancing operations by 50 basis points to
                                                             2.00%, starting from the operations to be settled
       The Governing Council of the ECB decides              on 21 January 2009. In addition, it decides that
       to decrease the interest rate on the main             the interest rates on the marginal lending and
       re¾nancing operations by 50 basis points to           the deposit facility will be 3.00% and 1.00%
       3.25%, starting from the operations to be settled     respectively, with effect from 21 January 2009,
       on 12 November 2008. In addition, it decides to       in line with the decision of 18 December 2008.
       decrease by 50 basis points the interest rates on
       both the marginal lending facility and the deposit
       facility, to 3.75% and 2.75% respectively, with       5 FEBRUARY 2009
       effect from 12 November 2008.
                                                             The Governing Council of the ECB decides
                                                             that the interest rate on the main re¾nancing
       4 DECEMBER 2008                                       operations and the interest rates on the marginal
                                                             lending facility and the deposit facility will
       The Governing Council of the ECB decides to           remain unchanged at 2.00%, 3.00% and 1.00%
       decrease the interest rate on the main re¾nancing     respectively.

     ECB

II   Monthly Bulletin
     June 2010
                                                                                                                     CHRONOLOGY




5 MARCH 2009                                        on the deposit facility unchanged at 0.25%.
                                                    In addition, the Governing Council of the ECB
The Governing Council of the ECB decides            decides to proceed with its enhanced credit
to decrease the interest rate on the main           support approach. In particular, it decides that
re¾nancing operations by 50 basis points to         the Eurosystem will conduct liquidity-providing
1.50%, starting from the operations to be settled   longer-term re¾nancing operations with a
on 11 March 2009. In addition, it decides that      maturity of one year as ¾xed rate tender
the interest rates on the marginal lending and      procedure with full allotment. In addition, it
the deposit facility will be 2.50% and 0.50%        decides in principle that the Eurosystem will
respectively, with effect from 11 March 2009.       purchase euro-denominated covered bonds
                                                    issued in the euro area.
Moreover, the Governing Council decides
to continue the ¾xed rate tender procedure
with full allotment for all main re¾nancing         4 JUNE 2009
operations, special-term re¾nancing operations
and supplementary and regular longer-term           The Governing Council of the ECB decides
re¾nancing operations for as long as needed,        that the interest rate on the main re¾nancing
and in any case beyond the end of 2009. In          operations and the interest rates on the marginal
addition, the Governing Council decides             lending facility and the deposit facility will
to continue with the current frequency and          remain unchanged at 1.00%, 1.75% and 0.25%
maturity pro¾le of supplementary longer-            respectively. In addition, the Governing Council
term re¾nancing operations and special-term         of the ECB decides upon the technical modalities
re¾nancing operations for as long as needed,        related to the purchase of euro-denominated
and in any case beyond the end of 2009.             covered bonds issued in the euro area decided
                                                    on 7 May 2009.

2 APRIL 2009
                                                    2 JULY, 6 AUGUST, 3 SEPTEMBER, 8 OCTOBER,
The Governing Council of the ECB decides            5 NOVEMBER AND 3 DECEMBER 2009, AND
to decrease the interest rate on the main           14 JANUARY, 4 FEBRUARY, 4 MARCH, 8 APRIL AND
re¾nancing operations by 25 basis points to         6 MAY 2010
1.25%, starting from the operations to be settled
on 8 April 2009. In addition, it decides that       The Governing Council of the ECB decides
the interest rates on the marginal lending and      that the interest rate on the main re¾nancing
the deposit facility will be 2.25% and 0.25%        operations and the interest rates on the marginal
respectively, with effect from 8 April 2009.        lending facility and the deposit facility will
                                                    remain unchanged at 1.00%, 1.75% and 0.25%
                                                    respectively.
7 MAY 2009

The Governing Council of the ECB decides to         10 MAY 2010
decrease the interest rate on the main re¾nancing
operations by 25 basis points to 1.00%, starting    The Governing Council of the ECB decides on
from the operation to be settled on 13 May          several measures to address severe tensions in
2009. In addition, it decides to decrease the       ¾nancial markets. In particular, it decides to
interest rate on the marginal lending facility      conduct interventions in the euro area public
by 50 basis points to 1.75% with effect from        and private debt securities markets (Securities
13 May 2009, and to leave the interest rate         Markets Programme).


                                                                                                        ECB
                                                                                            Monthly Bulletin
                                                                                                 June 2010     III
          10 JUNE 2010

          The Governing Council of the ECB decides
          that the interest rate on the main re¾nancing
          operations and the interest rates on the marginal
          lending facility and the deposit facility will
          remain unchanged at 1.00%, 1.75% and 0.25%
          respectively. In addition, it decides to adopt a
          ¾xed rate tender procedure with full allotment in
          the regular three-month longer-term re¾nancing
          operations to be allotted during the third quarter
          of 2010.




        ECB

IIIIV   Monthly Bulletin
        June 2010

								
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