March 14, 2012 / 10:33 AM / in 6 years

Short-term Euribor rates up while long-term ones fall

FRANKFURT, March 14 (Reuters) - Short-term
bank-to-bank lending rates ticked up on Wednesday for the first
time since late February indicating that the impact of the
European Central Bank's two ultra-long financing operations on
interbank rates may be tapering off.	
    Bank-to-bank lending rates have dropped by more than a third
over the last few months as a result of the 1 trillion euros the
ECB has poured into the financial markets since December. 	
    While three-month rates are still homing in on record lows
hit in early 2010, short-term rates - the most
heavily influenced by the level of cash in the system - reversed
their downward trend on Wednesday, inching up to 0.318 percent
from 0.317 percent on Tuesday.	
    Overnight rates held steady at 0.355 percent.	
    Three-month Euribor rates, traditionally the
main gauge of unsecured interbank euro lending and a mix of
interest rate expectations and banks' appetite for lending, fell
to 0.871 percent from 0.876 percent, the lowest level since July
2010.	
    Rates in longer-term maturities also dropped. Six-month
rates fell to 1.177 percent from 1.183 percent and
12-month rates dropped to 1.513 percent from 1.519
percent.	
    The 3-month lending rates have already dropped by over a
third since the ECB announced plans to lend banks three-year
money back in December, but are still well above the low of
0.634 percent they hit in early 2010. 	
    	
    Euribor rates are fixed daily by the Banking Federation of 
the European Union (FBE) shortly after 1000 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 
Graph'  	
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 (Reporting by Frankfurt newsroom)

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