After that, an easing of counterparty credit risk worries has been observed but very  BIS Review 75/2008  1  large liquidity risk premia have remained in money market interest rates. Tensions in the term money market continue to be a global phenomenon.
Currently, the spreads between three-month deposit and overnight-indexed swaps (OIS) rates are virtually the same in the euro, US dollar and pound sterling money markets, although pressures have somewhat eased in these latter two markets in recent weeks (as shown in the right chart of slide 3).