  Since summer, the amount of liquidity demanded in ECB refinancing operations has declined by about one third (not taking into account the CBPP: from EUR 881 bn on 30 June this year to EUR 510 bn today). As a consequence, excess liquidity has dropped by about 60% (from EUR 220 bn on 30 June to EUR 87 bn).
This process has been driven by receding demand on the part of financial market participants.   Furthermore, we have experienced a re-activation of the interbank money market: The EONIA volume has nearly doubled since summer (from EUR 26.3 bn on 30 June to EUR 45.7 bn yesterday).