The ECB usually pays banks 100 bp below the refi rate, which stands at 3.5% after today’s rate cut, and charges 100 bp above the refi rate for its emergency lending facility. Those rates have been narrowed to 50 bp above and below the refi rate for the duration of the market crisis. This is a technical change which will not impact market rates but it will make it easier for banks to park cash and raise cash from the ECB.