In order to meet increasing redemptions, the fund was forced to sell a certificate of deposit at a 3% loss, triggering a restatement of its NAV and the first instance of a money market fund "breaking the buck".
The Community Bankers US Government Fund broke the buck in 1994, paying investors 96 cents per share.
Since then the total value of money markets have remained low.
Money market funds in Europe have always had much lower levels of investments capital than in the United States or Japan.
To search for higher yields from these low rates in bank deposits, investors used money market funds for short-term deposits instead.