No Change

  • The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. (Unchanged)
  • Continue purchases under the pandemic emergency purchase programme (PEPP) with a total envelope of €1,350 billion. (Unchanged)
  • The Governing Council will conduct net asset purchases under the PEPP until at least the end of June 2021 and, in any case, until it judges that the coronavirus crisis phase is over. (Unchanged)
  • Reinvest the maturing principal payments from maturing securities purchased under the PEPP will be reinvested until at least the end of 2022. (Unchanged)
  • Net purchases under the asset purchase programme (APP) will continue at a monthly pace of €20 billion, together with the purchases under the additional €120 billion temporary envelope until the end of the year. (Unchanged)
  • Continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when the Governing Council starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. (Unchanged)
  • Continue to provide ample liquidity through its refinancing operations. In particular, the latest operation in the third series of targeted longer-term refinancing operations (TLTRO III) has registered a very high take-up of funds, supporting bank lending to firms and households. (Unchanged)

Please click here for a comparison of the prepared press release from the September 10th meeting as compared to the July 16th, 2020, release.