Central Banks
ECB Pushes Back Against Report It’s Mulling Overnight Repo Rate
- Spanish newspaper had suggested such as move was possible
- Article ‘misrepresents’ role of ECB money market contact group
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The European Central Bank pushed back against a media report that it’s considering the creation an overnight repo facility with an associated interest rate similar to that operated by the Federal Reserve.
“The article misrepresents the role of the ECB’s Money Market Contact Group, which is not a working or advisory group of the ECB,” the ECB said Friday in an emailed statement. “As per the MMCG’s terms of reference, its objective is to discuss developments in money markets. Any statements made by MMCG members during these meetings reflect their own views and do not provide any insight into the intentions of the ECB.”