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ECB plans to drain up to 200 bln euros from money markets

Thu, Oct 2 2008, 07:57 GMT
http://www.afxnews.com

FRANKFURT, Oct 2 (Reuters) - The European Central Bank is to hold a fine-tuning operation on Thursday to mop up excess overnight euro liquidity from money markets.

The ECB said the aim was to drain up to 200 billion euros ($278.9 billion). It will launch the operation at 1300 GMT, offering to accept bank deposits at a fixed rate of 4.25 percent, the ECB said on its Reuters information page. (Reporting by Marc Jones) ($1=.7170 Euro) Keywords: ECB/FINETUNING DRAIN

tf.TFN-Europe_newsdesk@thomsonreuters.com

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