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ECB Deposit Facility Falls Dramatically

Thursday, 12 Jul 2012 | 11:00 AM ET

"What this data tells you is that the banks are not putting money on deposit they are keeping it on current accounts and the reason for that is because last week the ECB lowered their rate to zero percent so the banks have no incentives whatsoever to move their excess reserves onto the deposit," James Ashley, senior economist at RBC Capital Markets, told CNBC.