FRANKFURT (AFX) - The European Central Bank said it is cutting the minimum bid rate at its main refinancing operations to 4.50 pct from 4.75 pct. The decision follows a meeting of the ECB governing council today. The new minimum bid rate rate will apply from the refi operation to be settled on May 15. The ECB also cut the rate on its marginal lending facility to 5.50 pct from 5.75 pct, and its deposit rate to 3.50 pct from 3.75 pct. These rate increases take effect tomorrow.