The euro area overnight interbank market is best described as a network of over-the-counter lending relationships. We study liquidity reallocation in this interbank network using a novel dataset of all interbank loans settled between European banks. We show the existence of a network pricing channel in over-the-counter markets: a bank's importance in the interbank network, measured by its centrality, has an economically significant effect on its liquidity provision and access. The effect is stronger for the price of liquidity than for the volume, and stronger for liquidity provision than for liquidity access.