(ANSA) - Rome, April 21 - The three-month euro interbank
offered rate, or Euribor, dropped below zero for the first time
on Tuesday meaning eurozone banks can now get paid to look after
each others' cash for that period.
The drop came as the European Central Bank's bond-buying
program floods the region's money markets with excess liquidity,
in its quantitative easing programme.
The Euribor fell to minus 0.001%, according to data from the European Money Markets Institute, the first negative reading since Bloomberg started collecting the data at the end of 1998.
The index represents the average rate at which the region's banks say they see each other lending in euros for three months.
The Euribor fell to minus 0.001%, according to data from the European Money Markets Institute, the first negative reading since Bloomberg started collecting the data at the end of 1998.
The index represents the average rate at which the region's banks say they see each other lending in euros for three months.
