ECB announces major boost to pandemic programmes
New TLTRO programme will offer banks financing at negative rates to maintain consumer lending
The European Central Bank’s governing council announced a major increase in the size and duration of its Covid-19 pandemic emergency programmes today (December 10).
ECB president Christine Lagarde said the increase was due to the severity of the second wave of coronavirus infections hitting European Union countries. The ECB kept its policy rates unchanged, with the main refinancing rate at 0%, the marginal lending facility rate at 0.25% and the deposit facility at -0.50%.
But it introduced a
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