ECB Holds Borrowing Rates Steady

Frankfurt: The European Central Bank left interest rates unchanged on Wednesday, holding them at record lows as it rolls out a money-printing scheme to lift the economy.

The decision to leave the cost of borrowing at record lows was widely expected after the ECB cut rates to rock-bottom levels last September and the bank's president, Mario Draghi, then said they had hit "the lower bound".

At Wednesday's meeting, the ECB left its main refinancing rate, which determines the cost of credit in the economy, at 0.05 per cent.

It also kept the rate on bank overnight deposits at -0.20 per cent, which means banks pay to park funds at the central bank, and held its marginal lending facility - or emergency overnight borrowing rate for banks - at 0.30 per cent.