April 29, 2013 / 9:26 AM / 4 years ago

Key Euribor rate unchanged as ECB rate decision looms

FRANKFURT, April 26 (Reuters) - The most closely followed
Euribor bank-to-bank lending rate remained unchanged on Monday
as markets were assessing whether the European Central Bank will
cut interest rates in its Thursday meeting.
    Pressure is growing on the ECB to cut interest rates further
after weak business survey data and a drop in German business
morale in April, while loan demand in the euro zone tumbled in
the first three months of the year. 
    ECB Vice-President Vitor Constancio reiterated on Wednesday
that the ECB stood ready to act should the economy deteriorate
further, saying the bank still had room to cut rates below the
current record low of 0.75 percent. 
    His colleague on the Executive Board, Joerg Asmussen,
however, said that lower rates would have little impact on
economies in the euro zone's crisis-stricken south, because
lower interest rates are not filtering through to consumers and
businesses in those countries. 
    On Monday, the three-month Euribor rate,
traditionally the main gauge of unsecured bank-to-bank lending,
remained unchanged at 0.207 percent.
    The six-month rate ticked down to 0.317 percent from 0.318
percent while the one-week rate remained at 0.083
percent. The overnight Eonia rate inched down to 0.082
percent from 0.083 percent.
    Dollar-priced bank-to-bank Euribor lending rates
  were higher, with three-month rates
rising to 0.479 percent from 0.478 percent and one-week rates
edging up to 0.303 percent from 0.302 percent.
    Excess liquidity in the euro zone banking
sector was at 321 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'  
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 (Reporting by Frankfurt newsroom; Editing by Toby Chopra)

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