ECB rate cut by quarter of 1%

The European Central Bank (ECB) has decided to cut interest rates again today in response to the continuing recession throughout the euro-zone.

The bank says it is reducing its main lending rate by a quarter of one percentage point to 1.25%.

The move should lead to another slight reduction in monthly repayments on variable-rate mortgages.

The ECB has now cut its rates by three percentage points in the past six months in an effort to stimulate growth in the euro-zone.

The interest rate on the marginal lending facility will be decreased by 25 basis points to 2.25%, with effect from April 8.

The interest rate on the deposit facility will be decreased by 25 basis points to 0.25%, also with effect from April 8.

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