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Euribor rates steady, await fresh ECB policy signals
May 30, 2013 / 9:33 AM / 5 years ago

Euribor rates steady, await fresh ECB policy signals

FRANKFURT, May 30 (Reuters) - The key Euribor bank-to-bank
lending rates was unchanged on Thursday, holding steady after a
rise in German inflation and as the European Central Bank weighs
up whether to take fresh policy action next week.
    ECB President Mario Draghi said earlier this month the bank
would monitor incoming data closely and would be ready to cut
rates again, including the deposit rate currently at zero. The
ECB cut its main rate to 0.5 percent in May. 
    But ECB Vice-President Vitor Constancio said on Wednesday
the bank had not yet decided whether to cut into negative
territory the deposit rate it pays commercial banks for holding
their money overnight. 
    German inflation also rose more than forecast in May, though
it remained at very subdued levels. 
    The three-month Euribor rate, traditionally
the main gauge of unsecured bank-to-bank lending, was unchanged
at 0.2 percent.
    The six-month rate inched up to 0.299 percent from 0.298
percent and the one-week rate was unchanged at
0.087 percent. The overnight Eonia rate fell to 0.076
percent from 0.084 percent.
    Dollar-priced bank-to-bank Euribor lending rates
  were mixed, with three-month rates
easing to 0.46111 percent from 0.46222 percent and one-week
rates steady at 0.28111 percent.
    Excess liquidity in the euro zone banking
sector was at 266 billion euros, helping keep market rates below
the ECB's refinancing rate.
    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       
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    1 month      
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    3 month      
    4 month      
    5 month      
    6 month      
    7 month      
    8 month      
    9 month      
    10 month    
    11 month    
    1 year       

 (Reporting by Frankfurt newsroom. Editing by Jeremy Gaunt.)

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