In effect, the bank now has a target range for short-term rates: the upper bound is the 1% refi rate and the lower bound is the rate the central bank pays on banks' deposits with it, currently 0.25%.

ECONOMIST: Appraising the European Central Bank

HSBC's ROE was 8.4 per cent, well short of the target 12-15 per cent range, and its worsened cost-income ratio was 62.8 per cent, compared with the 48-50 per cent target, reflecting the fact that the bank still has restructuring work to complete.

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Using a range as a target for funding insured Facebook against appearing to fall short of raising money if there wasn't lots of demand for the deal, said the people.

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