Interbank rates fall as year-end passes

- Central Banking staff
- 02 Jan 1999

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Pressure on the banking industry eased slightly on Wednesday with spreads between money market and central banks' benchmark interest rates narrowing as the end-of-year liquidity panic passed. The falls indicate that the central banks' efforts to alleviate some of the money market tension have helped the industry.

London interbank offered rates (Libor), a measure of banks' borrowing costs, fell dramatically, with the drop in one-month sterling borrowing costs, from 5.95% on Monday to 5.75%, the

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