Overnight deposits at European Central Bank hit another record
Tuesday, March 6, 2012 18:42
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FRANKFURT, Germany (AP) — Banks left a record euro820.8 billion ($1.08 trillion) on deposit overnight at the European Central Bank on Friday.
The figures released Monday exceeded the record euro776.9 billion deposited Thursday and reflects the flood of cash released into the European banking system by the central bank.
The ECB made just over euro1 trillion in cheap, three-year loans to banks in two offerings Dec. 21 and Feb. 29, leaving the system flush with ready money.
Banks can park excess cash temporarily at the central bank, earning a low 0.25 percent interest.
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