LONDON - A key euro zone interbank money-market rate is trading below the European Central Bank’s own official rate for the first time in over five months, a sign of the vast amount of cash that has been poured into the system to combat the COVID-19 crisis.
The ECB has flooded the system with so much liquidity that the rate at which banks borrow from each other — Euribor — is within a whisker of a record low. “The system is so flooded with liquidity that banks are essentially telling you they don’t need the money,” said Peter Chatwell, head of rates at Mizuho.
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