Drop in ECB liquidity take-up sends Eonia higher
Bankers predict higher overnight rates as the ECB ends long-term liquidity operations.
The euro overnight index average (Eonia) more than doubled at the end of last week, rising from 41 basis points on September 29 to 88bp at close of trading on September 30. The surge followed the expiry of the European Central Bank's (ECB) six- and 12-month liquidity operations, and a lower than expected take-up of the latest three-month offer. Dealers say they expect Eonia to remain elevated for the rest of this month.
The ECB has been using three-, six- and 12-month long-term refinancing
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