Key Euribor rates edge lower
FRANKFURT: Key europriced bank-to-bank lending rates edged lower on Monday, pushed down by the ECB's recent promise to keep providing banks with unlimited cash until at least mid-April.
The three-month Euribor rate traditionally the main gauge of unsecured interbank euro lending and a mix of interest rate expectations and banks' appetite for lending --fell to 1.026 percent from 1.028 percent the previous day. Shorter-term one-week rates also fell, dropping to 0.676 percent from 0.691 percent. Sixmonth rates remained at 1.257 percent, while longer-term 12month rates bucked the trend, rising to 1.533 percent from 1.530 percent. Bank-to-bank 3month lending rates traditionally sit just above the ECB's headline rate, but the ECB's tactic of lending out unlimited cash during the financial crisis had long kept them well below the benchmark rate. -PB News