Euro area · European Central Bank

Euro area: deposit facility rate 2.50%

European Central Bank · Deposit facility rate

2.50%
+25 bpsfrom 2.25%

The ECB raised the deposit facility rate by 25 bps to 2.50%, effective 16 Sept 2026, its second hike in a row, after three months unchanged at 2.25%.

Effective
16 Sept 202621 days ago
Cycle
Tighteningsince Jun 2026
Moves in 12 months
22 hikes
Next decision
Not on our calendar yetBeing added
A year ago2.00%
5-year high4.00%
5-year low−0.50%
3 official sources · release 499b2f064dfe

How high it is

Higher than on 78% of days since 2000

Days at each level since 2000. Today’s level is in colour.

Where in the cycle

Tightening, +50 bps so far

Four earlier tightening cycles ran a median +200 bps over 11 months.

Against the Fed

−150 bps below the Fed, deeper discount than on 58% of days since 2000

A year ago the gap was −225 bps.

Among 7 central banks

The 6th highest policy rate of the seven

Above the BoC.

What it means for a loan

On a €250,000 loan over 25 years, this hike adds about €34 a month

€
yrs
%

Defaults model a €250,000 variable-rate mortgage. Change any field.

If the ECB’s +25 bps reaches your loan
+€34a month
Monthly payment
€1,252 → €1,285
Or keep the monthly payment
14 more months
Interest over the loan
+€10,131
Rate
3.50% → 3.75%
Standard amortisation on the balance left. Your lender’s spread and reset date decide when, and how much of this, you see.

How it reaches loans in the euro area

Variable mortgages move with Euribor, which runs ahead of the ECB

Variable-rate mortgageDirect
Priced off
Euribor, usually 3 or 12 months
Resets
Every 3 to 12 months
Euribor moves on expectations for ECB policy, so it often shifts before the decision itself.
Fixed-rate mortgageNone
Priced off
Fixed at origination
Resets
At the end of the fixed period
Germany and France lean fixed; Spain, Portugal and Finland lean variable.
Your loan agreement’s benchmark and reset clause decide which applies.

Where this cycle stands

This tightening cycle is +50 bps in. The four before it ran a median +200 bps over 11 months.

This cycleEarlier tightening cycles, by start yearMedian total

Every cycle since 2000

Six tightening and five easing cycles. Hover one to trace it.

Tightening · latest+50 Jun 2026 to Sept 2026 · 2 moves
Easing−200 Jun 2024 to Jun 2025 · 8 moves
Tightening+450 Jul 2022 to Sept 2023 · 10 moves
Easing−125 Nov 2011 to Sept 2019 · 8 moves
Tightening+50 Apr 2011 to Jul 2011 · 2 moves
Easing−300 Nov 2008 to Apr 2009 · 5 moves
Tightening+50 Oct 2008 · 1 move
Easing−50 Oct 2008 · 1 move
Tightening+225 Dec 2005 to Jul 2008 · 9 moves
Easing−275 May 2001 to Jun 2003 · 7 moves
Tightening+175 Feb 2000 to Oct 2000 · 6 moves

Against the Fed

Euro area’s deposit facility rate sits 150 bps below the Fed’s upper bound: a deeper discount than on 58% of days since 2000.

Euro area minus United States, in bpsZero: the same rate
Gap today−150 bps7 Oct 2026
A year ago−225 bps7 Oct 2025
Widest since 2000+225 bpsOct 2008
Narrowest since 2000−375 bpsFeb 2000
Holding euros earns less than holding dollars, a headwind for the euro. One input among many, not a forecast.

The record since 2000

59 moves since January 2000, from a high of 4.00% in Sept 2023 to a low of −0.50% in Sept 2019.

Deposit facility rateHikeCut
Live shows the verified record. Announced and Decided preview the states this page goes through on decision day.

Every move

59 moves since Jan 2000. Votes and statements for the ECB are being added.

Raised to 2.50%+2516 Sept 2026 · second hike in a row
Raised to 2.25%+2517 Jun 2026 · first hike since September 2023
Cut to 2.00%−2511 Jun 2025 · eighth cut in a row
Cut to 2.25%−2523 Apr 2025 · seventh cut in a row
Cut to 2.50%−2512 Mar 2025 · sixth cut in a row
Cut to 2.75%−255 Feb 2025 · fifth cut in a row
Cut to 3.00%−2518 Dec 2024 · fourth cut in a row
Cut to 3.25%−2523 Oct 2024 · third cut in a row
Cut to 3.50%−2518 Sept 2024 · second cut in a row
Cut to 3.75%−2512 Jun 2024 · first cut since September 2019
Raised to 4.00%+2520 Sept 2023 · tenth hike in a row
Raised to 3.75%+252 Aug 2023 · ninth hike in a row
Raised to 3.50%+2521 Jun 2023 · eighth hike in a row
Raised to 3.25%+2510 May 2023 · seventh hike in a row
Raised to 3.00%+5022 Mar 2023 · sixth hike in a row
Raised to 2.50%+508 Feb 2023 · fifth hike in a row
Raised to 2.00%+5021 Dec 2022 · fourth hike in a row
Raised to 1.50%+752 Nov 2022 · third hike in a row
Raised to 0.75%+7514 Sept 2022 · second hike in a row
Raised to 0.00%+5027 Jul 2022 · first hike since July 2011
Cut to −0.50%−1018 Sept 2019 · eighth cut in a row
Cut to −0.40%−1016 Mar 2016 · seventh cut in a row
Cut to −0.30%−109 Dec 2015 · sixth cut in a row
Cut to −0.20%−1010 Sept 2014 · fifth cut in a row
Cut to −0.10%−1011 Jun 2014 · fourth cut in a row
Cut to 0.00%−2511 Jul 2012 · third cut in a row
Cut to 0.25%−2514 Dec 2011 · second cut in a row
Cut to 0.50%−259 Nov 2011 · first cut since April 2009
Raised to 0.75%+2513 Jul 2011 · second hike in a row
Raised to 0.50%+2513 Apr 2011 · first hike since October 2008
Cut to 0.25%−258 Apr 2009 · fifth cut in a row
Cut to 0.50%−5011 Mar 2009 · fourth cut in a row
Cut to 1.00%−10021 Jan 2009 · third cut in a row
Cut to 2.00%−7510 Dec 2008 · second cut in a row
Cut to 2.75%−5012 Nov 2008 · first cut since October 2008
Raised to 3.25%+509 Oct 2008 · first hike since July 2008
Cut to 2.75%−508 Oct 2008 · first cut since June 2003
Raised to 3.25%+259 Jul 2008 · ninth hike in a row
Raised to 3.00%+2513 Jun 2007 · eighth hike in a row
Raised to 2.75%+2514 Mar 2007 · seventh hike in a row
Raised to 2.50%+2513 Dec 2006 · sixth hike in a row
Raised to 2.25%+2511 Oct 2006 · fifth hike in a row
Raised to 2.00%+259 Aug 2006 · fourth hike in a row
Raised to 1.75%+2515 Jun 2006 · third hike in a row
Raised to 1.50%+258 Mar 2006 · second hike in a row
Raised to 1.25%+256 Dec 2005 · first hike since October 2000
Cut to 1.00%−506 Jun 2003 · seventh cut in a row
Cut to 1.50%−257 Mar 2003 · sixth cut in a row
Cut to 1.75%−506 Dec 2002 · fifth cut in a row
Cut to 2.25%−509 Nov 2001 · fourth cut in a row
Cut to 2.75%−5018 Sept 2001 · third cut in a row
Cut to 3.25%−2531 Aug 2001 · second cut in a row
Cut to 3.50%−2511 May 2001 · first cut in this record
Raised to 3.75%+256 Oct 2000 · sixth hike in a row
Raised to 3.50%+251 Sept 2000 · fifth hike in a row
Raised to 3.25%+509 Jun 2000 · fourth hike in a row
Raised to 2.75%+2528 Apr 2000 · third hike in a row
Raised to 2.50%+2517 Mar 2000 · second hike in a row
Raised to 2.25%+254 Feb 2000 · first hike in this record

Among 7 central banks

World view

Euro area’s 2.50% is the 6th highest of the seven, between United Kingdom (3.75%) and Canada (2.25%).

Euro area