Overnight ECB Facilities – Rates and Volumes

This page describes the overnight Deposit and Marginal Lending Facilities of the ECB. These variables are good measures of liquidity conditions in the interbanking market. Coetris paribus, recourse to the Deposit Facility signals an unwillingness of the interbanking markets to provide liquidity. A high recourse to the Marginal Lending Facility may be interpreted as the result of market operators’ inability to accurately estimate their financing needs at the end of the trading day.