The Financial Times writes "Triple A rated euro fund assets plunge". It says, "Assets held in euro-denominated triple A rated money market funds have slumped to their lowest level in three years. The contraction has come after the European Central Bank's shock decision in July to slash the interest rate on its deposit facility from 25 basis points to zero, prompting a swathe of funds to soft close to new money and sending yields on ultra-safe funds down to just 0.08 per cent.... The assets of euro funds rated triple A by Standard & Poor's fell 1 per cent in July and 5.6 per cent in August to E124.3bn, the lowest level since 2009, the rating agency will say on Monday. The decline has been sharpest in euro government liquidity funds, which have seen their assets crash by 60 per cent to E7.7bn since the end of 2011, even as triple A rated sterling money market funds, which still boast yields of around 40 basis points, have grown by 9.7 per cent to L155bn."

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