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ECB Keeps Eurozone Banks Flush With Money, Trichet Says

216 views · Published 4 September 2009 · 0:59 · Indexed 20 September 2026

Channel: Euractiv · 2009 · News & Politics

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While announcing that the European Central Bank has decided to leave its key eurozone interest rates unchanged during its September meeting, Jean-Claude Trichet announces at a press conference that the central bank continues to make available loads of money to commercial banks, in order to "promote the extension of credit to the euro area economy and, therefore, further underpin its recovery."

Jean-Claude Trichet, ECB President: The Governing Council decided to leave the key ECB interest rates unchanged. The current rates remain appropriate, taking into account all the information and analyses that have become available since our last meeting on 6 August 2009. In this respect, at todays meeting, we also decided that the rate for the twelve-month longer-term refinancing operation to be allotted on 30 September 2009 will be the prevailing rate on the main refinancing operations. This decision, which continues to guarantee liquidity support to the banking system of the euro area for an extended period of time at very favourable conditions, should promote the extension of credit to the euro area economy and, therefore, further underpin its recovery.

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