ECB raises rate by quarter point

The governing council of the European Central Bank will raise its key interest rate by a quarter point on December 13 to 3.5%. The interest rate on the marginal lending facility will increase by a quarter point to 4.5%. The rate on the deposit facility will also increase by a quarter point, to 2.5%. The rise is the fifth this year and follows a pattern of increases going back to December 2005. The Bank of England’s Monetary Policy Committee has kept its rate on hold at 5%.