Central banks’ dramatically increased role in countering paralysis in money markets was highlighted on Wednesday when the European Central Bank revealed that more than €100bn had been parked in its accounts overnight – by far the largest amount on record.

The €102.8bn ($144.4bn) left on Tuesday night in the ECB’s deposit facility, which attracts a below-market interest rate of 3.25 per cent, showed banks’ unwillingness to lend to each other. The sum was more than double the amount deposited on Monday.