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2nd LD: ECB cuts interest rates, unveils stimulus package

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(Globalpost/GlobalPost)

FRANKFURT, June 5 (Xinhua) -- The European Central Bank (ECB) on Thursday announced that interest rates of the main refinancing operation, marginal lending facility and deposit facility will be cut to 0.15 percent, 0.4 percent and -0.1 percent respectively.

Addressing a press conference following the governing council meeting, the ECB president Mario Draghi said the rate cut was among "a combination of measures to provide additional monetary policy accommodation and to support lending to the real economy."

The measures also include targeted longer-term refinancing operations, preparatory work related to outright purchases of asset-backed securities and a prolongation of fixed rate, full allotment tender procedures and suspension of the weekly fine-tuning operation sterilising the liquidity injected under the Securities Markets Program.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140605/2nd-ld-ecb-cuts-interest-rates-unveils-stimulus-package