The euro-area banks overnight deposits at the European Central Bank advanced again, approaching the all-time record set in January at around 538 billion euros, concluding that the liquidity in the European banking system is adequate.

The euro-zone banks deposited 486.365 billion euros at the Central Bank, according to the ECB announcement today, rising from the previous of 472.456 billion deposited on Tuesday.

The European Central Bank provided in December the euro zone banks with unlimited three-year loans in order to overcome any possible liquidity issue in the banking system, which obtained around 500 billion euros of cheap funds.