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The European Central Bank on Tuesday allocated 223.5 billion euros in 7-day refinancing agreements at 2.00 percent and above for a weighted average rate of 2.01 percent.
The rates were exactly in line with a with the results of a Reuters poll of money market dealers on Monday and unchanged from last week.
Rates at the weekly tenders, the main source of central bank funds for euro area credit institutions, are an indication both of current liquidity conditions in the banking system and market expectations for official interest rates.
Refinancing agreements for 207.0 billion euros expire on Wednesday, so a net 16.5 billion euros is flowing into the market.
The ECB said it had accepted 22.9 percent of bids placed at the marginal rate, the lowest at which it allots funds. The ECB has set the floor for bidding rates at 2.00 percent in the weekly tenders.
The lowest bid rate at the auction was 2.00 percent and the highest rate 2.10 percent.
The ECB said 371 banks bid for 275.4 billion euros of the refinancing funds this week.

Copyright Reuters, 2004

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