The European Central Bank's move to cut its deposit rate to zero has had an instant impact with banks more than halving the amount of cash parked there overnight. The central bank hopes its unprecedented move, which means banks will now get nothing if they park spare cash there, will nurture a return of more significant interbank lending by encouraging banks to look for more profitable options beyond the ECB. Wednesday was the first day under the new set-up and figures published by the ECB on Thursday showed banks held 325 billion euros in the facility overnight, well down on both the 800 billion they left there the ... (full story)