Amid growing concern the single currency area is on the verge of deflation, the ECB cut its central "refi" refinancing rate to 0.05 per cent from 0.15 per cent. It lowered the deposit rate to minus 0.20 per cent from minus 0.10 per cent and trimmed its marginal lending rate to 0.30 per cent from 0.40 per cent, it said in a statement.