Commercial banks' overnight deposits at the European Central Bank hit a new record high of 453 billion euros (378 billion pounds) data showed on Wednesday, underscoring the ongoing fear banks have about lending to each other in the current debt crisis. The ECB pays 0.25 percent interest for overnight deposits, well below the 0.396 percent banks could lend their spare cash out for on interbank markets. Banks are currently awash with funding after they took an unprecedented 489 billion euros in the ECB's first-ever 3-year liquidity operation late last month. The move was designed to underpin banks' finances and ... (full story)