Spanish Banks’ Net ECB Borrowings Rise to 388.7 Billion Euros
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Net borrowings by Spanish banks from the European Central Bank rose in August to 388.7 billion euros ($506.4 billion), underlining funding stresses as deposits fall and access to debt markets stays restricted.
Net average ECB borrowing climbed from 375.5 billion euros in July and 69.9 billion euros in August 2011, the Bank of Spain said on its website today. Gross borrowing was 411.7 billion euros, up from 402.2 billion euros in July.