September 26, 2012 / 9:17 AM / 5 years ago

Euribor 3-month rate steady at record low

FRANKFURT, Sept 26 (Reuters) - Euribor bank-to-bank lending
rates steadied on Wednesday after hitting record lows in recent
weeks on expectations the European Central Bank could cut rates
by the end of the year as the debt crisis hits the economy hard.
    The ECB kept its main refinancing rate at a record low of
0.75 percent at its September policy meeting and said the euro
zone economy would probably contract this year more than it had
previously expected. 
    Euribor rates have fallen by around 85 percent since late
last year when the ECB started flooding money markets with cheap
long-term loans. 
    On Wednesday, three-month Euribor rates,
traditionally the main gauge of unsecured bank-to-bank lending,
steadied at 0.222 percent, a record low set on Tuesday.
    Six-month Euribor rates fell to 0.446 percent
from 0.448 percent. One-week rates held steady at
0.085 percent and Eonia overnight rates slipped to
0.092 percent.
    Dollar-priced three-month bank-to-bank Euribor lending rates
  rose to 0.613 percent from 0.603
percent, while overnight dollar rates slipped to 0.311 percent
from 0.312 percent.
    The ECB's move to stop paying interest on banks' deposits
has prompted banks to make stronger use of the current account
facility, which still pays 0.75 percent interest for the
required reserves.
    A total of 307 billion euros was parked in the ECB's deposit
facility overnight. Banks' current account deposits at the ECB
fell to 539 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 
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 (Reporting by Frankfurt newsroom)

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