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ECB Financing to Portugal Banks Rises to 55.6 Billion Euros

Oct. 8 (Bloomberg) -- The European Central Bank’s financing to Portuguese lenders rose in September from the previous month, the Bank of Portugal said.

ECB lending increased to 55.59 billion euros ($71.9 billion) from 54.88 billion euros in August, the Lisbon-based Bank of Portugal said today on the BPStat portion of its website.

Portugal in April 2011 became the third euro-area country to seek a bailout after Greece and Ireland, and will receive 78 billion euros under the agreement with the International Monetary Fund and the European Union. The aid plan earmarks as much as 12 billion euros for the recapitalization of Portugal’s lenders if needed.

The Portuguese government announced on June 4 that it has committed to inject more than 6.6 billion euros into Banco Comercial Portugues SA, Banco BPI SA and state-owned Caixa Geral de Depositos SA.

Portuguese banks were required by the European Banking Association to have a 9 percent Core Tier 1 ratio at the end of June, after government bond holdings are written down to market prices. They were also required to boost the ratio to 10 percent by the end of 2012, according to Bank of Portugal rules.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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