ECB cuts main interest rate to 0.15%

The European Central Bank has cut its main interest rate used to set consumer loans in the Eurozone to 0.15%.

ITV News Business Editor Richard Edgar is following developments.

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ECB cuts main rate (used to base consumer loans) to 0.15%

Meanwhile Eurozone banks will now have to face negative interest rates, meaning they have to pay 0.1% to deposit their own money.

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European Central Bank takes rates for banks in the eurozone below zero: they have to PAY 0.1% to deposit cash, a bold experiment

Read: ECB mulls prospect of negative interest rates

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ECB cuts main Eurozone interest rate to 0.15%

The European Central Banks has cut the main interest rate to 0.15%, as part of a package of radical measures to breathe new life into the moribund economy.