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Deposits at ECB jump above 150 bln euro mark

Source: Reuters - Mon 5th Oct 2009

The amount of cash deposited by banks at the European Central Bank jumped above 150 billion euros, data showed on Monday, as banks shuffled the 75 billion of one-year funding injected by the ECB last week.

The ECB's 60 billion euro covered bond buying programme also continued to make progress. The total value of bonds purchased to-date reached 15.580 billion euros, up from 15.429 billion euros.

The ECB said commercial banks deposited 150.594 billion euros at the ECB overnight, compared to 116.248 billion the previous day. The sharp rise comes after banks received 75billion euro of one-year ECB funds last week.

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

However, the amount parked at the ECB is well under half thelevel deposited by banks after the ECB's first one-year tender in June when it flooded markets with a record 442 billion euros.

The amount banks borrowed from the ECB's overnight account increase to 91 million euros from 60 million euros previously, the ECB added.

The ECB and the 16 euro zone national central banks are 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.

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