Until 9 August 2007, which is often said to mark the start of the financial crisis, the unsecured euro interbank market was characterised by a very low spread of around five basis points. After the announcement by BNP Paribas that it would freeze some funds, the spread increased by a factor of 12 to around 60 basis points.
After the collapse of Lehman Brothers and the events surrounding the last weekend of September 2008, 10 the rates shot up further, eventually reaching a maximum of 186 basis points. The increase of rates in September 2008 is mirrored by the amount of funds deposited with the ECB at that time.