June 20, 2013 / 9:39 AM / 4 years ago

Euribor rates rise after Fed signals stimulus reduction

FRANKFURT, June 20 (Reuters) - Euribor bank-to-bank lending
rates rose on Thursday after the U.S. central bank signalled an
end to easy money, pushing market interest rates up around the
world.
    Federal Reserve Chairman Ben Bernanke said on 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. 
    Markets also remain unconvinced that the European Central
Bank will provide further support to the euro zone economy. 
    The ECB left its main refinancing rate unchanged at 0.5
percent on June 6. ECB President Mario Draghi said then the
governing council discussed a raft of options, but decided to
leave them untouched for now.
    On 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 0.214
percent from 0.212 percent.
    The six-month rate increased to 0.329 percent
from 0.323 percent and the one-week rate rose to
0.099 percent from 0.089 percent. The overnight Eonia rate
 rose to 0.082 percent from 0.073 percent.
    Dollar-priced bank-to-bank Euribor lending rates
  were also higher, with three-month
rates rising to 0.45667 percent from 0.45500 percent and
one-week to 0.28222 percent from 0.27375 percent.
    Excess liquidity in the euro zone banking
sector was at 284 billion euros, helping 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 
Graph'  
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 (Reporting by Frankfurt newsroom; Editing by Toby Chopra)

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