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18.05.12

FRANKFURT, April 20 (Reuters) - Key euro zone bank-to-bank lending rates hit their lowest since June 2010 on Friday, weighed down by the record amount of cash the European Central Bank has pumped into financial markets since late last year. The ECB, which left official euro zone interest rates at 1.0 percent earlier this month (click ), has poured over 1 trillion euros of ultra-cheap, 3-year funding into the banking system since the end of December, driving interbank rates to half of what they were last August. Three-month Euribor rates, traditionally the main gauge of unsecured interbank euro lending and a mix of interest rate expectations and banks' appetite for lending, fell on Friday to 0.734 percent from 0.737 percent. Six-month rates fell to 1.029 percent from 1.033 percent and 12-month rates dropped to 1.352 percent from 1.357 percent. Shorter term rates steadied. The one-week rate , which continues to bump around all-time lows, edged up to 0.319 percent from 0.318 percent. Overnight rates firmed to 0.347 percent from 0.346 percent. Dollar-priced bank-to-bank Euribor lending rates followed the broader downward trend. Three-month rates fell to 0.951 percent from 0.961 percent, while overnight rates dipped to 0.322 percent from 0.324 percent. Despite the sharp fall in interbank rates over the last few months, the benchmark euro-priced three-month rate remains some way above the euro-era low of 0.634 percent hit in early 2010. The 0.25 percent the ECB offers banks for overnight deposits continues to act as a floor for money market rates as banks know they can get that level of interest no matter what. With the ECB expected to keep limit-free liquidity available and interest rates at their record low for the foreseeable future, further falls in Euribor rates are expected, but part of the reason for the higher rates is that lending markets remain impaired. High excess liquidity in the banking system has led to high use of the ECB's overnight deposit facility. Banks parked 746 billion euros there on Thursday. In normal times the amounts are minimal. 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 2 week 3 week 1 month 2 month 3 month 4 month 5 month 6 month 7 month 8 month 9 month 10 month 11 month 1 year (Reporting by Frankfurt newsroom)

Source: Reuters

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