The European Central Bank cut its key interest rates by a half percentage point as expected on Thursday, less than a month after a previous cut by the same amount.

The ECB, which last lowered its central `refi` refinancing rate by 0.50 percentage point to 3.75 percent on October 8 as part of an unprecedented move with other central banks, cut the rate again to 3.25 percent at its regular monthly policy-setting meeting in Frankfurt.

The `refi` is the rate at which the ECB provides the bulk of liquidity for the banking system via its regular weekly refinancing operations.

But there are also two other key interest rates: the rate on the deposit facility, which banks may use to make overnight deposits with the Eurosystem, and the rate on the marginal lending facility, which offers overnight credit to banks from the Eurosystem.

These were lowered to 2.75 percent and 3.75 percent respectively.

Following is a table showing the development of all three key rates since the ECB took over the monetary policy reins for the 15-country eurozone in January 1999, when the core rate stood at 3.00 percent.

Refi - Deposit - Marginal lending

April 8, 1999 (lower) 2.50 percent 1.50 percent 3.50 percent

Nov 4, 1999 (higher) 3.00 2.00 4.00

Feb 3, 2000 (higher) 3.25 2.25 4.25

March 16, 2000 (higher) 3.50 2.50 4.50

April 27, 2000 (higher) 3.75 2.75 4.75

June 8, 2000 (higher) 4.25 3.25 5.25

Aug 31, 2000 (higher) 4.50 3.50 5.50

Oct 5, 2000 (higher) 4.75 3.75 5.75

May 10, 2001 (lower) 4.50 3.50 5.50

Aug 30, 2001 (lower) 4.25 3.25 5.25

Sept 17, 2001 (lower) 3.75 2.75 4.75

Nov 8, 2001 (lower) 3.25 2.25 4.25

Dec 5, 2002 (lower) 2.75 1.75 3.75

March 6, 2003 (lower) 2.50 1.50 3.50

June 5, 2003 (lower) 2.00 1.00 3.00

Dec 1, 2005 (higher) 2.25 1.25 3.25

March 2, 2006 (higher) 2.50 1.50 3.50

June 8, 2006 (higher) 2.75 1.75 3.75

August 3, 2006 (higher) 3.00 2.00 4.00

October 5, 2006 (higher)3.25 2.25 4.25

December 7, 2006 (higher) 3.50 2.50 4.50

March 8, 2007 (higher) 3.75 2.75 4.75

June 6, 2007 (higher) 4.00 3.00 5.00

July 3, 2008 (higher) 4.25 3.25 5.25

October 8, 2008 (lower) 3.75 2.75 4.75

October 9, 2008 (lower) 3.75 3.25 4.25

(just deposit and marginal lending rates were changed)

November 6, 2008 (lower) 3.25 2.75 3.75