In June 2014 the European Central Bank (ECB) decided to cut the rate on its deposit facility (DFR) by 10 basis points (bp) into negative territory an unprecedented move as no major central bank had used negative rates before. This decision was part of a more comprehensive monetary policy easing package which eventually also included the introduction of targeted long-term refinancing operations (TLTROs) and a large-scale asset purchase programme (APP) of private and public sector bonds. Further rate cuts of 10 bps each followed in September 2014 December 2015 and March 2016 bringing the DFR to -0.40 percent.