EGP declines vs. USD at Thursday's close    Euro area inflation rises to 2.0% in October '24 – flash estimates    IF YOU LOVE SOMEONE WHO SMOKES, GIVE THEM THE FACTS    Asian stocks slide as chip sector weakens    Egypt's Minister of Environment highlights biodiversity issues at COP16    Egypt's Agriculture Minister meets Syrian, Bahraini counterparts to boost cooperation in Amman    Al-Qassam Brigades targets Israeli vehicles in eastern Gaza    ACUD, DP World, and GAFI sign MoU to develop free zone in New Capital    Egyptian government encourages increased mutual investment with Bahrain: Finance Minister    A Tale of Two Cities: Alexandria hosts 2nd edition of exhibition celebrating Greek, Egyptian cultural ties    Egypt, Djibouti leaders discuss strengthening ties, regional issues    Egypt's FM affirms commitment to Sahel security, offers support to Niger    Egyptian banking sector support underprivileged communities in Alexandria – CBE    Afghanistan signs $163m deal for cement plant    US tightens tech investment rules for China    Biden unveils $3b investment to strengthen US port infrastructure    Military Production, Environment Ministers inaugurate banana fiber recycling plant    Luxor Museum to host exhibition on 19th century antiquities inspection tours    Nourhan Kamal Wins 2024 Helmi Sharawy Award for African Studies    Egypt observes Intl. E-waste Day, highlights recycling efforts    Egypt's military capabilities sufficient to defend country: Al-Sisi    Al-Sisi emphasises water security is Egypt's top priority amid Nile River concerns    Cairo Opera House hosts grand opening of Arab Music Festival, Conference    Grand Egyptian Museum ready for partial trial run on October 16: PM    Colombia unveils $40b investment plan for climate transition    Kabaddi: Ancient Indian sport gaining popularity in Egypt    Ecuador's drought forces further power cuts    Al-Sisi orders sports system overhaul after Paris Olympics    Basketball Africa League Future Pros returns for 2nd season    Egypt joins Africa's FEDA    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Paris Olympics opening draws record viewers    Who leads the economic portfolios in Egypt's new Cabinet?    Financial literacy becomes extremely important – EGX official    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Egypt records 36 new deaths from Covid-19, highest since mid June    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ECB Loans To Portuguese Banks Register Record
Published in Amwal Al Ghad on 09 - 04 - 2012

Portuguese banks' borrowings from the European Central Bank jumped to a new record in March as they took advantage of its offer of cheap long-term funds because other banks were reluctant to lend them money.
The Bank of Portugal said on its website on Monday cumulative borrowing at the end of last month rose 18 percent to 56.3 billion euros from February.
That exceeded the previous record of 49.1 billion set in August 2010, before debt-laden Portugal took an EU/IMF bailout last year.
Banks in the euro zone have grown more distrustful of each other since the common currency area's debt crisis deepened last year.
The ECB sought to inject liquidity into the banking system with two offers of ultra-cheap long-term funds, known as LTROs, in December and late February totaling about a trillion euros.
The March data reflected Portuguese banks' take-up of the February offer.
"I think it's natural and reasonable for banks to have taken advantage of these funds under the circumstances, especially after the ECB relaxed some collateral requirements before February's injection," said Teresa Gil Pinheiro, chief economist at Banco BPI in Lisbon.
"The LTRO injection was in late February so it's natural that it is registered in March."
Bank of Portugal head Carlos Costa said last month that over 80 percent of ECB money borrowed by Portuguese banks was now three-year funding, which means the banks had a stable source of liquidity for years to come.
Portugal is implementing austerity measures under the 78-billion euro EU/IMF bailout deal, which includes a 12 billion euro line for banks to recapitalize.
Banks have been deleveraging to improve their capital ratios in line with new European requirements, Reuters reported.


Clic here to read the story from its source.