Definition of Lombard rate

English Dictionary - With Multi-Lingual Search

Lombard rate
noun

A term referring to the interest rate charged by a central bank for very short term loans to other banks against approved collateral. The term has been used internationally mainly to refer to an interest rate applied by the German central bank, the Bundesbank, but it has been used also in France, Belgium and is still used in Switzerland. Other names are used of similar facilities by other central banks. After introduction of euro, the ECB uses the term marginal lending rate of a similar interest rate.

Etymology: According to medieval North-Italian bankers called lombardi in the rest of Europe according to their home province Lombardia.

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