Fluctuation of the ECB interest rate on marginal lending facilities 2008-2023
The marginal lending facility is a monetary policy instrument of the euro system that offers commercial banks the opportunity to procure, against eligible collateral and at a specified interest rate for one business day, liquidity (overnight loans) from the ECB. This permanent facility is intended to meet temporary, very short-term liquidity needs, and normally provides a ceiling for the bank call rate on the money market. The interest rate on the marginal lending facility is thus one of the key rates in the euro system.