BNP Says It Has Excess Dollar Short-Term Liquidity, Abundant Euro Funding
By Fabio Benedetti-Valentini -
2011-09-07T09:00:58Z
BNP Paribas (BNP) SA, France’s largest bank, said it has “an excess of short-term liquidity” in U.S. dollars and it has to deposit the extra funds at the Federal Reserve.
BNP Paribas in August had “some decrease” in financing from U.S. money-market funds, according a BNP Paribas note to clients and investors dated Sept. 6 and obtained by Bloomberg.
The company has “very abundant” short-term funding in euros, BNP Paribas also said. The interbanking market situation “today is very different” compared with the crisis tied to the collapse of Lehman Brothers Holdings Inc., it said.
To contact the editor responsible for this story: Fabio Benedetti-Valentini at fabiobv@bloomberg.net
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