According to the survey, which was published yesterday (September 23rd 2010), although the rate fell, it is moving at a slower pace of three per cent from the same level in Q2 of 2009.
However, there were rises across some sectors, with the secured market increasing its aggregate turnover by eight per cent.
A 14 per cent increase in activity for maturities between tomorrow next and one month was cited as the main reason for growth in this area.
The report underlined how declines in the unsecured cash borrowing market were "most pronounced".
An ECB statement added: "The qualitative part of the survey shows that liquidity conditions and efficiency in the unsecured market continued to deteriorate."
Earlier this month, the ECB announced the results of research into the implementation of the Eurosystem's new business continuity oversight systems.
It identified areas for improvement but said that any weaknesses do not pose a threat to the overall usefulness of the system.
By Tony Aynsley