The usage of the European Central Bank's overnight deposit facility surpasses 2 trillion euros, indicating continued market liquidity accumulation.

⑴ According to the latest data from the European Central Bank, financial institutions deposited approximately 20.05 billion euros through the overnight deposit facility, continuing to climb from about 19.9 billion euros the previous day, reflecting that the excess liquidity pattern within the euro system is still deepening. ⑵ The usage of the overnight lending facility during the same period was only about 500 thousand euros, which is almost negligible, indicating that the banking system is not facing an urgent short-term funding gap. ⑶ The current account holdings are around 32.8 billion euros, a slight increase compared to the previous day, showing that the funds held in banks’ reserve accounts at the central bank are still rising moderately. ⑷ The overnight deposit facility, serving as a safety valve for absorbing excess liquidity, continues to see high usage. This not only reflects the effectiveness of the European Central Bank’s policy rate transmission but also suggests a lack of sufficient interest-bearing assets in the interbank market to absorb the surplus funds.