Spain Said to Summon Banks to Urge Borrowing of 3-Year ECB Money

The Bank of Spain is urging lenders in the country to borrow all the funds they need when the European Central Bank auctions three-year money tomorrow, said two people familiar with a meeting held last week.

Central bank regulators met with treasurers on Dec. 15 to encourage them to use the facility, telling them that the more banks use the facility, the less chance there is of stigma for taking the funds, said the people, who declined to be identified because the meeting was private.