At the ECB, the possibility of depositing, on one’s own initiative, funds – until the next day against a given interest rate (deposit facility) or – to obtain overnight credit from the ECB (marginal lending facility). – The standing facilities send signals regarding the general stance of monetary policy and set the lower limit (deposit facility) and the upper limit (marginal lending facility) for overnight interest rates. – Cf. ECB Monthly Bulletin, May 2002, pp. 45 ff.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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