ECB interest rates today
The ECB deposit facility rate is 2.50 %, set at the meeting of 10 September 2026 and in force since 16 September 2026. Next decision: 29 October 2026.
The European Central Bank's three key interest rates as the ECB Data Portal publishes them, every decision since 2024, every change since 1999, and how far Euribor sits above them.
Next ECB decision: 29 October 2026
Recent ECB interest rate decisions
| Meeting | Decision | Deposit rate after | In force from |
|---|---|---|---|
| raised | 2.50 % | ||
| unchanged | 2.25 % | – | |
| raised | 2.25 % | ||
| unchanged | 2.00 % | – | |
| unchanged | 2.00 % | – | |
| unchanged | 2.00 % | – | |
| unchanged | 2.00 % | – | |
| unchanged | 2.00 % | – | |
| unchanged | 2.00 % | – | |
| unchanged | 2.00 % | – | |
| cut | 2.00 % | ||
| cut | 2.25 % |
Every monetary policy meeting since 2024, holds included, as the ECB's press release on the day states it.
How an ECB decision moves Euribor
On 12 October 2026 the 3-month Euribor stood at 2.632 %, +0.132 percentage points above the deposit facility rate, and the 12-month Euribor at 3.177 % (+0.677 points). Euribor prices the months ahead, so it already holds the market's expectation for the next meetings: the curve implies 3.131 % for the 3-month rate three months from now. An expected decision barely moves it on the day; a surprise moves it at once.
Today's Euribor and its history: 3-month Euribor 2.632 % · 12-month Euribor 3.177 % (12/10/2026)
Sources: ECB Data Portal (key rates); official ECB / Eurosystem data (Euribor).
The next monetary policy meetings
Dates from ecb.europa.eu. The decision is published at 14:15 CET on the meeting day; new rates apply from the following week. ECB calendar
Which rate is "the ECB rate"?
The ECB sets three rates. Banks can leave money overnight with the central bank at the deposit facility rate, borrow for a week in the weekly operations at the main refinancing rate, and borrow overnight at the marginal lending rate when they are short.
Headlines often quote the main refinancing rate, but policy is steered through the deposit facility rate: euro area banks hold far more central bank money than they need, so the deposit rate sets what they charge each other. Since 18 September 2024 the main refinancing rate sits only 0.15 points above it, and the marginal lending rate 0.25 points above that.
What it means for a mortgage
In Ireland a tracker mortgage follows the ECB's main refinancing rate plus a fixed margin, so a decision reaches the repayment directly, usually from the next payment. Most other variable-rate loans in the euro area follow Euribor plus a margin instead, reset every 3, 6 or 12 months.
Euribor follows the deposit rate but moves ahead of it: it often shifts weeks before a meeting, and on the day little happens if the decision was expected. Fixed rates depend on longer-term market rates and react to the ECB only through expectations of where it will be in the coming years.
Every change in the ECB key interest rates since 1999
| In force from | Deposit facility rate | Deposit rate, change | Main refinancing rate | Marginal lending rate |
|---|---|---|---|---|
| 2.50 % | +0.25 pp | 2.65 % | 2.90 % | |
| 2.25 % | +0.25 pp | 2.40 % | 2.65 % | |
| 2.00 % | -0.25 pp | 2.15 % | 2.40 % | |
| 2.25 % | -0.25 pp | 2.40 % | 2.65 % | |
| 2.50 % | -0.25 pp | 2.65 % | 2.90 % | |
| 2.75 % | -0.25 pp | 2.90 % | 3.15 % | |
| 3.00 % | -0.25 pp | 3.15 % | 3.40 % | |
| 3.25 % | -0.25 pp | 3.40 % | 3.65 % | |
| 3.50 % | -0.25 pp | 3.65 % | 3.90 % | |
| 3.75 % | -0.25 pp | 4.25 % | 4.50 % | |
| 4.00 % | +0.25 pp | 4.50 % | 4.75 % | |
| 3.75 % | +0.25 pp | 4.25 % | 4.50 % | |
| 3.50 % | +0.25 pp | 4.00 % | 4.25 % | |
| 3.25 % | +0.25 pp | 3.75 % | 4.00 % | |
| 3.00 % | +0.50 pp | 3.50 % | 3.75 % | |
| 2.50 % | +0.50 pp | 3.00 % | 3.25 % | |
| 2.00 % | +0.50 pp | 2.50 % | 2.75 % | |
| 1.50 % | +0.75 pp | 2.00 % | 2.25 % | |
| 0.75 % | +0.75 pp | 1.25 % | 1.50 % | |
| 0.00 % | +0.50 pp | 0.50 % | 0.75 % | |
| -0.50 % | -0.10 pp | 0.00 % | 0.25 % | |
| -0.40 % | -0.10 pp | 0.00 % | 0.25 % | |
| -0.30 % | -0.10 pp | 0.05 % | 0.30 % | |
| -0.20 % | -0.10 pp | 0.05 % | 0.30 % | |
| -0.10 % | -0.10 pp | 0.15 % | 0.40 % | |
| 0.00 % | 0.00 pp | 0.25 % | 0.75 % | |
| 0.00 % | 0.00 pp | 0.50 % | 1.00 % | |
| 0.00 % | -0.25 pp | 0.75 % | 1.50 % | |
| 0.25 % | -0.25 pp | 1.00 % | 1.75 % | |
| 0.50 % | -0.25 pp | 1.25 % | 2.00 % | |
| 0.75 % | +0.25 pp | 1.50 % | 2.25 % | |
| 0.50 % | +0.25 pp | 1.25 % | 2.00 % | |
| 0.25 % | 0.00 pp | 1.00 % | 1.75 % | |
| 0.25 % | -0.25 pp | 1.25 % | 2.25 % | |
| 0.50 % | -0.50 pp | 1.50 % | 2.50 % | |
| 1.00 % | -1.00 pp | 2.00 % | 3.00 % | |
| 2.00 % | -0.75 pp | 2.50 % | 3.00 % | |
| 2.75 % | -0.50 pp | 3.25 % | 3.75 % | |
| 3.25 % | 0.00 pp | 3.75 % | 4.25 % | |
| 3.25 % | +0.50 pp | 4.25 % | 4.25 % | |
| 2.75 % | -0.50 pp | 4.25 % | 4.75 % | |
| 3.25 % | +0.25 pp | 4.25 % | 5.25 % | |
| 3.00 % | +0.25 pp | 4.00 % | 5.00 % | |
| 2.75 % | +0.25 pp | 3.75 % | 4.75 % | |
| 2.50 % | +0.25 pp | 3.50 % | 4.50 % | |
| 2.25 % | +0.25 pp | 3.25 % | 4.25 % | |
| 2.00 % | +0.25 pp | 3.00 % | 4.00 % | |
| 1.75 % | +0.25 pp | 2.75 % | 3.75 % | |
| 1.50 % | +0.25 pp | 2.50 % | 3.50 % | |
| 1.25 % | +0.25 pp | 2.25 % | 3.25 % | |
| 1.00 % | -0.50 pp | 2.00 % | 3.00 % | |
| 1.50 % | -0.25 pp | 2.50 % | 3.50 % | |
| 1.75 % | -0.50 pp | 2.75 % | 3.75 % | |
| 2.25 % | -0.50 pp | 3.25 % | 4.25 % | |
| 2.75 % | -0.50 pp | 3.75 % | 4.75 % | |
| 3.25 % | -0.25 pp | 4.25 % | 5.25 % | |
| 3.50 % | -0.25 pp | 4.50 % | 5.50 % | |
| 3.75 % | +0.25 pp | 4.75 % | 5.75 % | |
| 3.50 % | +0.25 pp | 4.50 % | 5.50 % | |
| 3.25 % | +0.50 pp | 4.25 % | 5.25 % | |
| 2.75 % | +0.25 pp | 3.75 % | 4.75 % | |
| 2.50 % | +0.25 pp | 3.50 % | 4.50 % | |
| 2.25 % | +0.25 pp | 3.25 % | 4.25 % | |
| 2.00 % | +0.50 pp | 3.00 % | 4.00 % | |
| 1.50 % | -0.50 pp | 2.50 % | 3.50 % | |
| 2.00 % | -0.75 pp | 3.00 % | 4.50 % | |
| 2.75 % | +0.75 pp | 3.00 % | 3.25 % | |
| 2.00 % | – | 3.00 % | 4.50 % |
The date each rate took effect; it was decided at the meeting before. Main refinancing rate from June 2000 to October 2008: minimum bid rate of the variable-rate tenders. Source: ECB Data Portal.
Frequently asked questions
What is the ECB interest rate now?
The deposit facility rate, through which the ECB steers monetary policy, has been 2.50 % since 16 September 2026. The main refinancing rate is 2.65 % and the marginal lending rate 2.90 %. Before that the deposit rate was 2.25 %.
What did the ECB decide at its last meeting?
At its meeting on 10 September 2026 the ECB raised the deposit facility rate by 25 basis points to 2.50 %, in force from 16 September 2026; the main refinancing rate is 2.65 % and the marginal lending rate 2.90 %.
When is the next ECB meeting?
The Governing Council's next monetary policy meeting ends on 29 October 2026, then 17 December 2026. The decision is published at 14:15 CET that day and applies from the following week.
When did the ECB last change interest rates?
At the meeting of 10 September 2026, in force since 16 September 2026: the ECB raised the deposit facility rate by 25 basis points, from 2.25 % to 2.50 %. The change before that took effect on 17 June 2026 (+25 basis points).
What is the difference between the deposit rate and the main refinancing rate?
At the deposit facility rate (2.50 %) banks leave surplus money overnight with the central bank; at the main refinancing rate (2.65 %) they borrow central bank money for a week. Because banks hold more liquidity than they need, the deposit rate sets money market rates; the two are 0.15 points apart.
How does the ECB rate affect Euribor?
Euribor follows the deposit facility rate and prices expected decisions in advance. On 12 October 2026 the 3-month Euribor was 2.632 %, +0.132 points above the deposit rate of 2.50 %. The curve implies 3.131 % for the 3-month rate in three months; that is a forward rate with a term premium, not a forecast.
What were the highest and lowest ECB rates?
The deposit facility rate was highest at 4.00 %, from 20 September 2023 to 11 June 2024, and lowest at -0.50 %, from 18 September 2019 to 26 July 2022. The main refinancing rate peaked at 4.75 % in 2000.