What Is the ECB Marginal Lending Facility Rate? A Guide

The marginal lending facility rate is the cost of overnight liquidity that eligible banks draw from their national central bank against adequate collateral. It stands at 2.90% after the European Central Bank decision of September 10, 2026.

Who publishes it, when

The European Central Bank and the Eurosystem run this tool, and they publish the rate with each rate decision. Its latest publication came on Thursday, Sept. 10, 2026, and the ECB describes the setup this way: “The Eurosystem offers eligible counterparties access to two standing facilities:” The national central banks administer both facilities.

On the purpose of the facilities, the ECB says the following: “Standing facilities aim to provide and absorb overnight liquidity and to signal the general monetary policy stance and bound overnight market interest rates. The standing facilities, which are administered in a decentralised manner by the national central banks, are available to eligible counterparties on their own initiative.” That wording explains why traders watch this rate as a ceiling for overnight market rates and as a signal of the policy stance.

How to read it

Start with the decision of June 11, 2026, when the rate stood at 2.65%. That is the earliest of the three readings here, and the ECB published it as a preliminary entry for that meeting.

On July 23, 2026, the rate holds at 2.65%, unchanged from the June decision. A flat reading like this shows that the ECB left the facility alone at that meeting, and the entry is still preliminary.

On September 10, 2026, the rate edges up to 2.90% from 2.65% in July. The figure is a level of the rate itself, not a year over year change, and it is a small rise.

What moves markets

ECB policy decisions at scheduled meetings move this rate, and the next one falls on Thursday, Oct. 29, 2026. If the ECB changes its policy stance, the facility rate would likely follow, because it signals that stance.

Because standing facilities bound overnight market interest rates, a change here could shift short-term euro funding costs. Euro pairs, European bank stocks and short-dated yields are the instruments most exposed on decision days, and the economic calendar lists the date.

Common reading mistakes

• Do not confuse this rate with the main policy rate. The ECB describes two standing facilities, and the marginal lending facility is the one that supplies overnight liquidity against collateral.
• Do not treat it as a market rate. The ECB says the facilities bound overnight market interest rates, so this figure sets a limit rather than trading freely.
• Do not assume a change at every meeting. The rate held at 2.65% on July 23, 2026 after 2.65% in June, so a hold is a normal outcome.
• Do not read the preliminary label as a revision. It marks the status of each entry, and the ECB rate decision page shows the full history.

What does the marginal lending facility rate measure?

It measures the cost of overnight liquidity from the national central bank. Eligible banks borrow against adequate collateral at this rate.

What is the current marginal lending facility rate?

The rate is 2.90% after the decision of September 10, 2026. It edged up from 2.65% in July.

When is the next ECB rate decision?

The next release is on Thursday, Oct. 29, 2026. Check the prop firm news rules before you trade that day.