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.
In the shadow to xi / shadow / banking industries
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