Call money also call money and overnight money and overnight credit (day-to-daymoney, call money, overnight money; attendance fee)

Amounts lent between banks in large amounts. The lending bank can call the amount daily; the receiving bank can repay at any time without notice. – The ECB’s standing facilities set the upper and lower limits for the respective overnight interest rate in the euro area. – In times of crisis, the overnight rate can rise very sharply; in the wake of the subprime crisis, overnight money cost eight percent on the interbank market in mid-September 2008, whereas two percent had previously been the norm. – Other term for sitting allowance (expense allowance; meeting allowance, attendance allowance, per diems). – See deposit facility, money market segments, interday credit, marginal lending facility, overnight credit, interest rate corridor. – Cf. the overnight rates as defined in (comparative also with other currency areas) in the annex “Euro area statistics,” heading “Financial markets,” subheading “Money market rates” in the respective ECB Monthly Bulletin, ECB Monthly Bulletin of August 2003, pp. 48 ff, (formulas for overnight rate), ECB Monthly Bulletin of February 2005, pp. 73 ff, ECB Monthly Bulletin of August 2005, pp. 26 ff. (there is no transmission of the volatility of the overnight rate to the other interest rates), ECB Monthly Bulletin of July 2006, pp. 26 ff. (mathematical measures of the volatility of the overnight rate), ECB Monthly Bulletin of October 2006, pp. 25 ff. (overnight rate compared with other interest rates in the U.S.), ECB Monthly Bulletin of August 2007, p. 28 ff. (volatility of the overnight rate and transmission channels; many overviews).

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