- Daily average borrowing turnover in the unsecured segment increased from €119 billion in the fifth maintenance period of 2021 to €120 billion in the sixth maintenance period of 2021
- Weighted average overnight rate on borrowing transactions in the unsecured segment decreased from -0.55% to -0.56% for the wholesale sector and remained stable at -0.57% for the interbank sector
- Daily average borrowing turnover in the secured segment increased from €402 billion to €410 billion, with a weighted average overnight rate of -0.55%
The European Central Bank (ECB) publishes today, for the first time, additional statistics on the secured segment of the euro money market. These new statistics complement data on the unsecured and secured money market which have been part of a regular publication since November 2017 and January 2019 respectively. All these statistics are based on transaction-by-transaction data collected daily from the 47 largest euro area banks in terms of banks’ total main balance sheet assets. This new publication comprises information on the total turnover and average rate of the secured wholesale sector borrowing and lending by country of collateral issuer for the main six individual countries in terms of volume for the maintenance periods since 2018, broken down by maturity. This information is provided for the shorter tenors of one month or less which cover about 90% of the total volume. By publishing these figures, the ECB aims to further enhance market transparency and therefore contribute to an improvement in money market functioning.
In the sixth maintenance period of 2021, which started on 15 September 2021 and ended on 2 November 2021, the borrowing turnover in the unsecured segment averaged €120 billion per day. The total borrowing turnover for the period as a whole was €4,184 billion. Borrowing from credit institutions, i.e. on the interbank market, represented a turnover of €409 billion, i.e. 10% of the total borrowing turnover, and lending to credit institutions amounted to €257 billion. Overnight borrowing transactions represented 66% of the total borrowing nominal amount. The weighted average overnight rate for borrowing transactions was -0.57% for the interbank sector and -0.56% for the wholesale sector, compared with -0.57% and -0.55% respectively in the previous maintenance period.
In the sixth maintenance period of 2021, the borrowing turnover in the secured segment averaged €410 billion per day, while the total borrowing turnover for the period as a whole was €14,337 billion. Cash lending represented a turnover of €11,500 billion and the daily average amounted to €329 billion. Most of the turnover was concentrated in tenors ranging from overnight to up to one week, with overnight transactions representing around 27% and 23% of the total nominal amount on borrowing and lending side respectively. The weighted average overnight rate for borrowing and lending transactions was, respectively, -0.55% and -0.58% for the wholesale sector, compared with -0.55% for both borrowing and lending transactions in the previous maintenance period. In the sixth maintenance period of 2021, the weighted average rate for spot/next borrowing transactions ranged from -0.58% for operations based on collateral issued by residents in Italy to -0.69% for operations based on collateral issued by residents in Germany.