ECB SAYS BANKS DEPOSITED EU1.8 TLN WITH IT OVERNIGHT

The European Central Bank reported that commercial banks parked EUR 1.8 trillion in its overnight deposit facility, meaning funds left idle with the central bank rather than lent out or deployed elsewhere. This level of parking signals that the banking system holds substantial excess liquidity, and the transmission runs through the deposit facility rate, which sets the floor for short-term euro money-market rates and anchors the euro overnight index average. Because the facility pays the deposit rate, large balances effectively reflect banks choosing the central bank's risk-free yield over interbank or private-sector lending, which tightens the link between policy settings and short-end euro funding costs. The euro overnight money market, euro short-term rate fixings, and Euro Stoxx bank equities are the most directly exposed, since their earnings and funding spreads respond to where this deposit rate sits relative to market expectations. Traders will watch the next weekly ECB balance-sheet and liquidity data release, along with any change in excess reserve trends, for signs of whether liquidity is draining or persisting ahead of the next rate decision.

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