February 17, 2014 / 10:37 AM / 4 years ago

Key Euribor rate steadies after euro zone growth data

FRANKFURT, Feb 17 (Reuters) - The key euro-priced
bank-to-bank lending rate held steady on Monday after economic
data showed slightly stronger-than-expected growth in Germany
and France pushed the euro zone's recovery up a gear in the
fourth quarter.
    European Central Bank President Mario Draghi earlier this
month cited data on economic growth as one piece of information
the ECB would look at before deciding whether to take fresh
policy action at its March meeting.
    The release of the euro zone data on Friday countered
downward pressure on rates that came after a top ECB policymaker
said last week the bank was "considering very seriously" the
idea of cutting its deposit rate below zero.
    Executive Board member Benoit Coeure told Reuters the idea
of cutting into negative territory the rate the ECB pays banks
to hold their deposits overnight was "a very possible option" to
help money flow more evenly across the euro area.
    The three-month Euribor rate, traditionally
the main gauge of unsecured bank-to-bank lending, remained
unchanged at 0.287 percent on Monday.
    The six-month Euribor rate was also unchanged,
at 0.386 percent, while the shorter-term one-week rate
 dipped to 0.188 percent from 0.190 percent.
    Excess liquidity, or the amount of money banks
have beyond what they need for their day-to-day operations,
edged up to 151 billion euros. The EONIA overnight
lending rate fell to 0.144 percent on Friday from 0.159 percent
in the previous session.
    In January, ECB President Mario Draghi said an unwarranted
increase in short-term money market rates and a worsening of the
medium-term outlook for inflation could trigger more policy
action. 
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
    For a package of graphics on the ECB, click on:     
    link.reuters.com/neg32s   
    For graphic of euro zone liquidity levels click:       
    link.reuters.com/qeq25s 
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
    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'  
    1 week       
    2 week       
    1 month      
    2 month      
    3 month      
    6 month      
    9 month      
    1 year       

 (Reporting by Frankfurt newsroom)

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