Resources for Basel II Capital Accord (Basel II)

ECB to pursue overnight rate stabilisation;

www.forbes.com

European Central Bank board member Lorenzo Bini Smaghi said the recent increase in interbank rates, due to concerns about a credit crunch, is unjustified because the central bank will pursue its policy of stabilising overnight rates.

The current level of interbank rates 'reflects concern about cash requirements at the end of the year (by banks), but the concerns are not justified because the policy of stabilising overnight rates will continue in the coming days', Bini Smaghi said on the sidelines of a conference in Florence, Italy.

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