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MNI (London)
     LONDON (MNI) - Below is the text release by the European Central Bank's
Governing Council Monetary policy decisions
     January 25
     Monetary policy decisions
     At today's meeting the Governing Council of the ECB decided that the
interest rate on the main refinancing operations and the interest rates on the
marginal lending facility and the deposit facility will remain unchanged at
0.00%, 0.25% and -0.40% respectively. The Governing Council expects the key ECB
interest rates to remain at their present levels for an extended period of time,
and well past the horizon of the net asset purchases.
     Regarding non-standard monetary policy measures, the Governing Council
confirms that the net asset purchases, at the new monthly pace of E30 billion,
are intended to run until the end of September 2018, or beyond, if necessary,
and in any case until the Governing Council sees a sustained adjustment in the
path of inflation consistent with its inflation aim. If the outlook becomes less
favourable, or if financial conditions become inconsistent with further progress
towards a sustained adjustment in the path of inflation, the Governing Council
stands ready to increase the asset purchase programme (APP) in terms of size
and/or duration. 
     The Eurosystem will reinvest the principal payments from maturing
securities purchased under the APP for an extended period of time after the end
of its net asset purchases, and in any case for as long as necessary. This will
contribute both to favourable liquidity conditions and to an appropriate
monetary policy stance.
     The President of the ECB will comment on the considerations underlying
these decisions at a press conference starting at 14:30 CET today.
--MNI London Bureau; tel: +44 203-586-2225; email:
[TOPICS: M$X$$$,MC$$$$,M$$EC$]
MNI London Bureau | +44 203-865-3812 |