FX.co ★ ECB Holds Deposit Facility Rate at 2.00% in February, Extending Policy Pause

The European Central Bank kept its Deposit Facility Rate unchanged at 2.00% in February 2026, maintaining the level set at its previous decision in December 2025. According to the latest update on 5 February 2026, the key policy rate for excess reserves in the euro area has now been on hold at 2.00% across two consecutive decisions.

The February decision signals continued caution from policymakers, who appear content to monitor incoming economic and inflation data before adjusting borrowing conditions further. With the rate unchanged, funding costs for banks—and by extension, broader financial conditions in the euro area—remain stable heading into the remainder of the first quarter of 2026. Investors and analysts will now look ahead to upcoming ECB communications for clues on how long the current 2.00% stance may be maintained.