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Key Euribor rate falls as ECB warns of weak recovery
January 31, 2014 / 10:17 AM / 4 years ago

Key Euribor rate falls as ECB warns of weak recovery

FRANKFURT, Jan 31 (Reuters) - The key euro-priced
bank-to-bank lending rate eased for the third day running on
Friday after a European Central Bank board member said euro zone
policymakers should not take economic recovery for granted.
    Benoit Coeure, an ECB Executive Board member, said the euro
zone recovery is weak and uneven. The ECB holds a policy meeting
next Thursday, though a Reuters poll of economists pointed to
rates staying on hold until mid-2015. 
    Recent spikes in overnight lending rates had put pressure on
the ECB to step in and curb the rise, which if it happens too
quickly could even derail the recovery.
    But the amount of money sloshing around the euro zone's
money markets is expected to remain at a high enough level into
next week to keep short-term interest rates at current levels.
    Excess liquidity stood at 158 billion euros 165
billion euros on Thursday. 
    The three-month Euribor rate, traditionally
the main gauge of unsecured bank-to-bank lending, fell to 0.296
percent from 0.298 percent.
    The six-month Euribor rate eased to 0.396
percent from 0.399 percent and the shorter-term one-week rate
 dropped to 0.188 percent from 0.191 percent.
    The EONIA overnight lending rate fell further to
0.155 percent from 0.157 percent.
    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
    1 week       
    2 week       
    1 month      
    2 month      
    3 month      
    6 month      
    9 month      
    1 year       
($1 = 0.7319 euros)

 (Reporting by Frankfurt newsroom)

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