ECB Says Banks Increased Emergency Borrowing, Reduced Deposits

The European Central Bank said financial institutions in the euro area increased emergency overnight borrowing.

Banks accessed 3.3 billion euros ($4.5 billion) at the rate of 2.25 percent yesterday, the Frankfurt-based ECB said, up from 2.8 billion euros the previous business day. Overnight deposits at the ECB fell to 216.9 billion euros, from 248 billion euros the previous day.

To contact the reporter on this story: Jeff Black in Frankfurt at jblack25@bloomberg.net

To contact the editor responsible for this story: Jeff Black at jblack25@bloomberg.net

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