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Euribor rates rise as stimulus expectations wane
June 24, 2013 / 9:23 AM / 4 years ago

Euribor rates rise as stimulus expectations wane

FRANKFURT, June 24 (Reuters) - Euribor bank-to-bank lending
rates rose on Monday after the U.S. central bank's signal it
will end easy money cast doubts over further support measures
from the European Central Bank.
    Federal Reserve Chairman Ben Bernanke said last Wednesday
the U.S. economy is expanding strongly enough for the central
bank to begin slowing the pace of its bond-buying stimulus later
this year. 
    Such a step towards an exit from accommodative policies is
still far off in Europe, where the ECB kept its main refinancing
rate unchanged at 0.5 percent on June 6. ECB President Mario
Draghi said then the Governing Council had discussed a raft of
options but decided to leave them on the shelf.
    Last Tuesday, Draghi reiterated in a speech in Israel that
the ECB stood ready to act if necessary, stressing that the
transmission of its monetary policy was improving and it had
regained better control of monetary conditions. 
    The three-month Euribor rate, traditionally
the main gauge of unsecured bank-to-bank lending, rose to 0.221
percent from 0.216 percent.
    The six-month rate increased to 0.341 percent
from 0.333 percent and the one-week rate rose to
0.104 percent from 0.102 percent. The overnight Eonia rate
 rose to 0.084 percent from 0.082 percent.
    Dollar-priced bank-to-bank Euribor lending rates
  were firmer, with three-month rates
rising to 0.46000 percent from 0.45667 percent and one-week
rates up at 0.29222 percent from 0.28556 percent.
    Excess liquidity in the euro zone banking
sector stood at 257 billion euros, still high enough to keep
market rates below the ECB's refinancing rate.
    Draghi said in February that he did not expect market rates
to face upward pressure until excess liquidity in the banking
sector fell below 200 billion euros.
    Euribor rates are fixed daily by the Banking Federation of 
the European Union (FBE) shortly after 0900 GMT.
    * For a table of the latest Euribor fixings for terms of one
week to one year, double click on 
    * For a table of the previous day's fixings of EONIA swap 
rates, which show market expectations for future overnight 
lending rates, double click on 
    * For graphs of historic Euribor and EONIA swap rates, right
click on the links in angle brackets below, and select 'Related 
    1 week       
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    3 week       
    1 month      
    2 month      
    3 month      
    4 month      
    5 month      
    6 month      
    7 month      
    8 month      
    9 month      
    10 month    
    11 month    
    1 year       

 (Reporting by Frankfurt newsroom; Editing by Catherine Evans)

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