ECB holds bank-to-bank lending rate intact

FRANKFURT, Germany, Dec. 2 (UPI) -- The European Central Bank said Thursday it would leave its bank-to-bank overnight lending rate intact at 1 percent.

A statement on the widely expected decision issued by the bank left out mention of ECB bond purchases. An increased investment by the central bank in government bonds could shore up confidence in European government finances in the same week Ireland accepted a $90 billion international aid package to help support its ailing banks.

ECB President Jean-Claude Trichet scheduled an afternoon press conference to explain the bank's decision.