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Market Update

ECB in Historic Step Lowered Deposit Rate to Negative

Author: Nigel Thomas
Last Update: 12:38 PM ET June 05 2014

European Central Bank took a historic step and offered negative interest rate and other non-traditional measures to spur the euro zone economy.

The ECB lowered its benchmark interest rate to a record low of 0.15% from 0.25% and lowered deposit rate minus 0.10% from zero.

The ECB offered a 400 billion euro liquidity channel linked to bank lending and the central bank officers will also work on an asset purchase plan.

The euro decreased 0.2% to $1.356.

Separately, the Bank of England left its benchmark rate at a record low of 0.5% and kept its bond-purchase plan at 375 billion pounds or $636 billion.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc