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Bank overnight deposits at ECB rise

Source: Reuters - Fri 11th Sep 2009

Overnight bank deposits at the European Central Bank rose, data showed on Friday.

Banks deposited 82.054 billion euros at the ECB overnight on Sept. 10, compared to 76.499 billion euros deposited previously.

Banks also cut the amount borrowed from the ECB's overnight account to 87 million from 549 million euros previously.

The amounts parked at the ECB's deposit facility have been high since it flooded money markets with almost half a trillion euros in one-year funds at the end of June.

The ECB and the 16 euro zone national central banks are also buying euro-denominated covered bonds, debt backed by a pool of assets such as mortgage loans that remain on the issuing bank's balance sheet over the next year, from both primary and secondary markets.

The ECB said the total purchased had inched up to 10.997 billion euros from 10.963 billion euros. It means the ECB is now more than 17 percent through the 60 billion euros it has earmarked to spend.

The amounts are published on Reuters information after the purchases settle, which takes 2-3 days.

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