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| Version 0 | Version 1 |
|---|---|
| European Central Bank votes to hold interest rates | European Central Bank votes to hold interest rates |
| (35 minutes later) | |
| The European Central Bank (ECB) has voted to keep interest rates on hold in its first meeting since Britain opted to leave the EU. | The European Central Bank (ECB) has voted to keep interest rates on hold in its first meeting since Britain opted to leave the EU. |
| The central bank expects rates to remain at record lows or fall to lower levels for an extended period of time. | The central bank expects rates to remain at record lows or fall to lower levels for an extended period of time. |
| Markets will now scrutinise statements expected from ECB president, Mario Draghi, following the rate decision. | Markets will now scrutinise statements expected from ECB president, Mario Draghi, following the rate decision. |
| They will be searching for any comment on the impact of Brexit on Europe's economy. | They will be searching for any comment on the impact of Brexit on Europe's economy. |
| The main interest rate has been held at 0%. | The main interest rate has been held at 0%. |
| The bank deposit rate was also maintained at minus 0.4%. A negative rate means banks must pay the ECB to park their cash and is designed to encourage them to lend. | |
| The ECB's stimulus programme, where it buys €80bn of bonds a month, has also been left unchanged and will run until March 2017 and beyond "if necessary". | |
| So far, financial markets have weathered the spike in volatility following the UK's referendum result with "encouraging resilience", Mr Draghi told a press conference. | |
| "Over the coming months when we have more information... we will be in a better position to reassess the underlying macroeconomic conditions," he added. | |
| "If warranted, to achieve its objective, the governing council will act by using all the instruments available in its mandate." |