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Euribor 3-month rate inches up

Source: Reuters - Mon 12th Apr 2010

The three-month Euribor bank-to-bank lending rate rose slightly on Monday, inching up further from a record low hit due to generous liquidity pumped into markets by the European Central Bank.

The three-month rate, traditionally the main gauge of interbank euro lending and a mix of interest rate expectations and banks' appetite for unsecured lending, rose to 0.642 percent from 0.641 percent, extending the gap from the 0.634 percent record low reached late last month.

The six-month rate increased to 0.953 percent from 0.952 percent and the one-year rate to 1.224 percent from 1.221 percent, while the one-week rate fell to 0.344 percent from 0.346 percent.

The ECB has begun to rein in some of the long-term liquidity provided to markets over the last two years to combat the financial crisis.

Banks took far less than expected at its final offering of 6-month funds last month, but a large excess of cash is expected to remain in the euro zone banking system for much of 2010.

The ECB has promised to keep providing banks with unlimited one-week and one-month loans until at least mid-October.

Euribor rates are fixed daily by the Banking Federation of the European Union (FBE) shortly after 1000 GMT.

Three-month rates form a benchmark for much short-term commercial lending in Europe, and one-week rates give an indication of banks' very short term financing conditions.

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