Deposit facility rate
Definition · Level 8 · Rates, FX & macro
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The key policy rate of the European Central Bank (ECB): what banks earn on cash left overnight at the ECB, so they will not lend for much less. Since September 2024 the main refinancing rate is 15 bp above it and the marginal lending rate 25 bp above that.
Example
16 September 2026: 2.25% → 2.50%.
Rules and market figures change: check the current ones before relying on this (written as of 2026-09).
Where Tradecraft teaches it
Level 8 · Rates, FX & macro, in the lesson “The ECB, €STR and Euribor”: The ECB’s three rates, the overnight benchmark, the term rate and the futures that trade it.
Related terms
- ECBEuropean Central Bank: sets euro-area monetary policy from Frankfurt, targeting 2% inflation over the medium term.
- EuriborEuro Interbank Offered Rate: a term rate (1 week to 12 months) reported by a panel of banks for unsecured euro loans and set daily by the European…
- Euribor futureA contract on the three-month Euribor rate: €1 million notional, priced as 100 minus the rate, so one basis point is worth €25.
- HICPHarmonised Index of Consumer Prices: the consumer inflation measure compiled by Eurostat for the euro area, on which the European Central Bank’s 2%…
- Main refinancing rate (MRO)The rate on the European Central Bank’s (ECB) weekly loans to banks, 15 bp above the deposit rate since September 2024.
- €STREuro short-term rate: the overnight unsecured rate euro-area banks pay to borrow wholesale, published by the European Central Bank (ECB) every…