Are we moving to a new era? - ECB decides to cut key European Central Bank interest rates for second time

Are we moving to a new era? - ECB decides to cut key European Central Bank interest rates for second time
On 12 September 2024 the Governing Council decided to lower the deposit facility rate – one of the three key ECB interest rates, by 25 basis points. In addition, as decided and announced earlier, on 13 March 2024, ECB will proceed to changes to its operational framework for implementing monetary policy. Thus, from 18 September 2024, the spread between the rate on the marginal lending facility and the rate on the main refinancing operations will remain at 25 basis points, while the spread between the main refinancing operations and the deposit facility rate will be set at 15 basis points.
Accordingly and with effect from 18 September 2024, the deposit rate facility will be decreased to 3,50% (from 3,75%), the rate on the main refinancing operations will be decreased to 3,65% (from 4,25%) and the rate on the marginal lending facility will be decreased to 3,90% (from 4,50%).
At a national level it is expected that many people will be positively affected since there are numerous loans the base interest of which is the ECB rate on the main refinancing operations. What now remains to be seen is how and whether the base interest rate of loans which is set by the base interest rate of the lending banks according to their methodology will be affected too, in favour of the borrowers.
For the monetary policy decision of the Governing Council of the 12th of September 2024, you can visit the link below:
https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240912~67cb23badb.en.html.
Rafaella Georgiou
Advocate/Partner
ADVOCATE POSITION - COMMERCIAL PRACTICE

Stelios Stylianides & Co LLC intends to offer a vacancy for a qualified advocate at its office in Limassol.
The vacancy will be for its commercial practice and will entail involvement in litigation.
Qualifications:
- Degree in Law.
- Cyprus Bar qualification.
- Master’s Degree in a Commercial Law related direction or Bar Professional Training Course or Legal Practice Course for qualification in England and Wales will be considered as advantages.
- Excellent knowledge of Greek and English.
- Computer skills, including knowledge of Word, Outlook, and legal database research.
- At least two (2) years’ experience in commercial practice and litigation, excluding traineeship.
Interested applicants should submit a full CV, including grades of all qualifications, to careers@stylianides.com.cy.
All applications will be treated as strictly confidential.
Note: Please note that Stelios Stylianides & Co LLC concurrently offers two vacancies for qualified advocates, one for its banking and one for its commercial practice. Applicants are kindly requested to specify the vacancy for which they would like to be considered, but are equally welcome to apply to be considered for both vacancies.
ADVOCATE POSITION - BANKING PRACTICE

Stelios Stylianides & Co LLC intends to offer a vacancy for a qualified advocate at its office in Limassol.
The vacancy will be for its banking and finance practice and will entail involvement in litigation.
Qualifications:
- Degree in Law.
- Cyprus Bar qualification.
- Master’s Degree in a Banking or Commercial Law related direction or Bar Professional Training Course or Legal Practice Course for qualification in England and Wales will be considered as an advantage.
- Excellent knowledge of Greek and English.
- Computer skills, including knowledge of Word, Outlook, and legal database research.
- At least three (3) years’ experience in litigation, excluding traineeship.
- Experience in banking and finance practice, including litigation.
Interested applicants should submit a full CV, including grades of all qualifications, to careers@stylianides.com.cy.
All applications will be treated as strictly confidential.
Note: Please note that Stelios Stylianides & Co LLC concurrently offers two vacancies for qualified advocates, one for its banking and one for its commercial practice. Applicants are kindly requested to specify the vacancy for which they would like to be considered, but are equally welcome to apply to be considered for both vacancies.