ECB Says European Money-Market Turnover Rose in Second Quarter
Money-market turnover in the euro region rose in the second quarter from a year earlier, ending three years of decline, the European Central Bank said.
Aggregate turnover increased an annual 15 percent in the three months through June, the Frankfurt-based ECB said today, citing the results of its 2011 Money Market Survey. In the unsecured market, cash borrowing of the 105 banks on the survey panel increased 26 percent, while their lending contracted 5 percent, the Frankfurt-based central bank said. Overall activity was concentrated in maturities of one month or less.
The ECB said the secured market, where aggregate turnover increased 10 percent, remained the largest segment. All derivative segments covered by the survey showed increases, with turnover in cross-currency swaps jumping 68 percent.
The ECB surveys at least 105 banks for its annual report on money markets and always compares second-quarter data.
To contact the reporter on this story: Matthew Brockett in Frankfurt at firstname.lastname@example.org
To contact the editor responsible for this story: John Fraher at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.