Excess liquidity in the eurozone approaches 2 trillion euros, with the use of overnight deposit facilities reaching record highs

智通财经2026/08/11 09:36

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According to daily liquidity data released by the European Central Bank on Tuesday, the amount of funds deposited by financial institutions via the overnight deposit facility has reached nearly 2 trillion euros, continuing to rise from the previous trading day and setting new highs.
Meanwhile, the usage of the overnight loan facility was zero during the same period, marking consecutive days with no financial institutions borrowing through this channel. This reflects extremely abundant overall liquidity in the eurozone banking system, with no marginal funding needs for individual institutions.
The continued expansion in the use of the deposit facility indicates that commercial banks prefer to place surplus funds overnight at the central bank rather than allocate them to credit or higher-risk assets. This, to a certain extent, reveals a cautious approach toward lending to the real economy.
During the same period, the holding size of current accounts was about 327.4 billion euros, slightly down from the previous day but still at a historically high level, indicating that bank reserves remain ample.
Such a massive surplus liquidity presents a real consideration for the European Central Bank’s future balance sheet operations or rate path. How to gradually absorb this excess liquidity without triggering market volatility will be a key issue in the normalization process of monetary policy going forward.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Excess liquidity in the eurozone approaches 2 trillion euros, with the use of overnight deposit facilities reaching record highs

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