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Euribor rates rise as markets assess ECB message
April 9, 2013 / 9:13 AM / 5 years ago

Euribor rates rise as markets assess ECB message

FRANKFURT, April 9 (Reuters) - Euribor bank-to-bank lending
rate rose slightly on Tuesday as markets assessed the likelihood
of the European Central Bank cutting official interest rates
further.
    ECB President Mario Draghi said last Thursday the bank's
policymakers decided to leave rates on hold after an extensive
discussion, but they would "monitor very closely" all data and
stand "ready to act" to boost the recession-hit euro zone.
    ECB policymakers have, however, indicated that it is not
ready to cut the interest rate it pays to commercial banks on
their overnight deposits to negative territory from current
zero. The interest rate acts as a floor to money markets.
    On Tuesday, the three-month Euribor rate,
traditionally the main gauge of unsecured bank-to-bank lending,
rose to 0.211 percent from 0.210 percent.
    The six-month rate ticked up to 0.328 percent from 0.327
percent, while the one-week rate remained at 0.084
percent. The overnight Eonia rate edged up to 0.082
percent from 0.075 percent.
    Dollar-priced bank-to-bank Euribor lending rates
  were lower, with three-month rates
falling to 0.490 percent from 0.494 percent and one-week rates
down at 0.312 percent from 0.317 percent.
    Excess liquidity in the euro zone banking
system was at 365 billion euros, high enough to keep market
rates below the ECB's refinancing rate.
    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.
    
    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'  
    1 week       
    2 week       
    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)

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