Main Refinancing Operations (ECB)
The Governing Council of the ECB sets the key interest rates for the euro area. The available rates are:
- Main refinancing operations (refinancing)
- Marginal lending facility (lending)
- Deposit facility (deposit)
The main refinancing operations (MRO) rate is the interest rate banks pay when they borrow money from the ECB for one week. When they do this, they have to provide collateral to guarantee that the money will be paid back.
The marginal lending facility rate is the interest rate banks pay when they borrow from the ECB overnight. When they do this, they have to provide collateral, for example securities, to guarantee that the money will be paid back.
The deposit facility rate is one of the three interest rates the ECB sets every six weeks as part of its monetary policy. The rate defines the interest banks receive for depositing money with the central bank overnight.
See source: https://data.ecb.europa.eu/key-figures
Also known as: ECB rates, deposit facility rate.
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Calculate the Main Refinancing Operations (ECB) in Python
The Main Refinancing Operations (ECB) is available in the Fixed Income module of the open-source Finance Toolkit. Install it with:
pip install financetoolkit -U
Then call get_european_central_bank_rates as shown below.
from financetoolkit import FixedIncome
fixedincome = FixedIncome(start_date='2023-12-01')
fixedincome.get_european_central_bank_rates()
Which returns:
| Refinancing | Lending | Deposit | |
|---|---|---|---|
| 2023-12-01 | 0.045 | 0.0475 | 0.04 |
| 2023-12-02 | 0.045 | 0.0475 | 0.04 |
| 2023-12-03 | 0.045 | 0.0475 | 0.04 |
| 2023-12-04 | 0.045 | 0.0475 | 0.04 |
| 2023-12-05 | 0.045 | 0.0475 | 0.04 |
| 2023-12-06 | 0.045 | 0.0475 | 0.04 |
| 2023-12-07 | 0.045 | 0.0475 | 0.04 |
| 2023-12-08 | 0.045 | 0.0475 | 0.04 |
| 2023-12-09 | 0.045 | 0.0475 | 0.04 |
| 2023-12-10 | 0.045 | 0.0475 | 0.04 |
| 2023-12-11 | 0.045 | 0.0475 | 0.04 |
| 2023-12-12 | 0.045 | 0.0475 | 0.04 |
| 2023-12-13 | 0.045 | 0.0475 | 0.04 |
| 2023-12-14 | 0.045 | 0.0475 | 0.04 |
| 2023-12-15 | 0.045 | 0.0475 | 0.04 |
| 2023-12-16 | 0.045 | 0.0475 | 0.04 |
| 2023-12-17 | 0.045 | 0.0475 | 0.04 |
| 2023-12-18 | 0.045 | 0.0475 | 0.04 |
Parameters
get_european_central_bank_rates accepts the following parameters:
- rate (str, optional): The rate to return. Defaults to None, which returns all rates. Choose between ‘refinancing’, ‘lending’ or ‘deposit’.
- rounding (int | None, optional): The number of decimals to round the results to. Defaults to None.
- standardize (bool, optional): Whether to standardize (Z-Score) the result. Defaults to False.
Related Central Banks
The Fixed Income module page introduces the module, and the sidebar lists all of its functions.