G-20 proposals fail to lift interbank confidence

The proposals of world leaders to stabilise financial markets had little significant impact on the interbank market, with the Ted spread and Libor figures remaining at similar levels to before the weekend.

The biggest movement was in the three-month markets, where dollar borrowing rates rose 0.15 percentage points from 2.24% on Friday, November 14 to 2.39% today. Three-month sterling Libor fell from 4.18% to 4.15% and three-month Euro borrowing rates fell from 4.22% to 4.19%.

In the overnight markets, dollar Libor and Euro Libor both declined from 0.41% to 0.4%, and 3.05% to 3.01% respectively. Overnight sterling rates remained at 3% from Friday November 14.

The Ted spread, a measure of perceived

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