As a result of the snip, the interest rate on the deposit facility will be cut to 3.25%, while the interest rates on the main refinancing operations and the marginal lending facility will be decreased to 3.4% and 3.65%, respectively, from 23 October. 
Figures released earlier today (17 October) showed annual inflation within the euro-area fell from 2.2% to 1.7% in September, clearing the way for a third cut from Europe’s central bank this year and the first back-to-back cut in 13 years. 
ECB cuts interest rates to 3.5% amid softer inflation figures and faltering growth
Lindsay Jame…