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Key Euribor rates freeze ahead of ECB rate decision
March 7, 2013 / 10:17 AM / 5 years ago

Key Euribor rates freeze ahead of ECB rate decision

FRANKFURT (Reuters) - The main Euribor bank-to-bank lending rate remained unchanged on Thursday ahead of the European Central Bank’s monthly policy meeting at which it is expected to keep interest rates at a record low but possibly hint at further support measures.

European Central Bank President Mario Draghi testifies before the Committee on Economic and Monetary Affairs at the European Parliament in Brussels February 18, 2013. REUTERS/Eric Vidal

Three-month Euribor rates, traditionally the main gauge of unsecured bank-to-bank lending, were unchanged at 0.200 percent.

The six-month rate stayed at 0.321 percent, while the one-week rate dipped to 0.079 percent from 0.080 percent. The overnight Eonia rate rose to 0.070 percent from 0.061 percent.

Dollar-priced bank-to-bank Euribor lending rates were mixed, with three-month rates rising to 0.49800 percent from 0.49700 percent and one-week rates unchanged at 0.30500 percent.

Excess liquidity in the euro zone banking system slipped below the 400 billion euro mark to 389 billion, which is still high enough to keep market rates below the ECB’s main refinancing rate, currently at a record-low level of 0.75 percent.

ECB President Mario Draghi said in February he does not expect market rates to face upward pressure until excess liquidity in the banking sector falls below 200 billion euros.

Reporting by Frankfurt newsroom

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