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Europe Banks To Double Crisis Loans From ECB

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01/31/2012 | 03:16am CET

Some European banks plan to tap the European Central Bank's emergency funding program for up to twice as much as the ECB supplied in its EUR489 billion ($643 billion) auction last month, the Financial Times newspaper reported Monday on its website, citing unnamed bank executives.

"Banks are not going to be as shy second time round," the report quoted the head of one eurozone bank as saying at last week's World Economic Forum in Davos, Switzerland. "We should have done more first time."

The report said several of the eurozone's biggest banks have told the newspaper they might double or triple their request for funds in the ECB's three-year money auction Feb. 29.

Three bank chief executives, who asked to remain anonymous, said they were planning to increase their participation twofold or threefold, the report said.

Full story: http://www.ft.com/intl/cms/s/0/09ab9542-4b6d-11e1-b980-00144feabdc0.html#axzz1kzK ZlLx

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