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Bank Lending Stress Holds at 14-Month Low in Euro Money Markets

European banks’ reluctance to lend to one another held at the lowest in more than 14 months, according to a money market indicator.

The difference between the euro interbank offered rate and overnight indexed swaps, known as the Euribor-OIS spread, 18.5 basis points, or 0.185 percentage point, at 8:20 a.m. in London, according to data compiled by Bloomberg. The gap is the smallest since June 14, 2011.

The cost for European banks to borrow in dollars held at the lowest since June 22, 2011. The three-month cross-currency basis swap, the rate banks pay to convert euro interest payments into dollars, was unchanged at 26.5 basis points below Euribor. The one-year basis swap was 31 basis points below Euribor from minus 32.5 yesterday.

The European Banking Federation’s euro overnight index average, or Eonia, of unsecured lending deals was set at 0.108 percent yesterday from 0.107 percent the day before. The Eonia swap, an estimate of average overnight borrowing costs over the next three months, rose 0.01 basis point to a one-month high of 8.1 basis points.

Lenders cut overnight deposits at the European Central Bank yesterday, placing 342 billion euros ($433 billion) with the Frankfurt-based central bank from 347 billion euros the day before.

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