Bloomberg: Eurozone overnight rates fall, go negative

Euro-Area Money Market Rates Fall Below Zero for First Time
Aug 28, 2014

A gauge of overnight borrowing costs in euros fell to a negative level for the first time as the European Central Bank’s penalty charge on deposits damped money-market rates and yields in the region tumbled.

The euro overnight index average, or Eonia, fell to minus 0.004 percent, signaling banks would receive no interest for making the loans, compared with 0.011 percent yesterday.

The full article is here.

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