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The topological properties of interbank networks have been discussed widelyin the literature mainly because of their relevance for systemic risk. Here wepropose to use the Stochastic Block Model to investigate and perform a modelselection among several possible two block organizations of the network: theseinclude bipartite, core-periphery, and modular structures. We apply our methodto the e-MID interbank market in the period 2010-2014 and we show that innormal conditions the most likely network organization is a bipartitestructure. In exceptional conditions, such as after LTRO, one of the mostimportant unconventional measures by ECB at the beginning of 2012, the mostlikely structure becomes a random one and only in 2014 the e-MID market wentback to a normal bipartite organization. By investigating the strategy ofindividual banks, we explore possible explanations and we show that thedisappearance of many lending banks and the strategy switch of a very small setof banks from borrower to lender is likely at the origin of this structuralchange.

The organization of the interbank network and how ECB unconventional measures affected the e-MID overnight market