Europe Banks Flee To Quality, Up ECB Deposits
http://platform.twitter.com/widgets/hub.1324331373.htmlEurope’s banks do not want to loan one another money, still. The sovereign debt crisis has caused more and more banks to leave overnight deposits in the safety of the European Central Bank’s vaults. According to The Guardian Data released…
http://platform.twitter.com/widgets/hub.1324331373.htmlEurope’s banks do not want to loan one another money, still. The sovereign debt crisis has caused more and more banks to leave overnight deposits in the safety of the European Central Bank’s vaults.
According to The Guardian
Data released by the ECB showed that overnight deposits have reached a new high of €464bn, which means banks are prepared to earn lower interest on their deposits than they would from lending to each other. The Bank of Italy admitted that funding from the ECB for its lenders had risen to nearly €210bn in December from €41.3bn in June. There are also reports that cash-rich companies are lending to cash-strapped banks.
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