However, tensions have persisted in the term money markets, as shown by the spreads between euro deposit rates of different maturities and EONIA swap rates which have remained at elevated levels (see the chart on the left of slide 7).
Continuing pressures have characterised the term money markets globally, including the US dollar, euro and pound sterling money markets (as shown by the chart on the right of slide 7). A main reason for this is the persistence of uncertainties surrounding the financial positions and liquidity needs of financial institutions.