May 14, 2009 / 7:50 AM / 10 years ago

Commercial banks' overnight deposits at ECB dip

FRANKFURT, May 14 (Reuters) - Overnight deposits at the European Central Bank fell, data showed on Thursday.

The ECB said banks deposited 26.331 billion euros ($35.69 billion) overnight on May 12, down from the 38.637 billion euros reported on Wednesday.

The ECB said banks also borrowed 93 million euros from its overnight lending facility, compared with 207 million euros taken previously. (See Reuters information page ECB40 for full details)

The ECB narrowed the gap between its main policy rates to 75 basis points from 100 basis points from May 13.

The overnight lending rate is now 1.75 percent, down from 2.25 percent, but the deposit rate remains at 0.25 percent. The ECB cut its main interest rate to 1 percent. [ID:nL7275311]

For details of previous ECB overnight lending operations please go to the ECB web site: here (Reporting by Frankfurt newsroom; editing by David Stamp)

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