Irish banks borrow 66.8 billion euros from central bank
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A sign hangs on the railings of the Bank Of Ireland, in central Dublin November 15, 2010. REUTERS/Cathal McNaughton
A sign hangs on the railings of the Bank Of Ireland, in central Dublin November 15, 2010.
Credit: Reuters/Cathal McNaughton
DUBLIN | Fri Apr 8, 2011 11:20am BST
DUBLIN (Reuters) - Ireland's central bank lent banks based in the country 66.8 billion euros (58.7 billion pounds) in special funding as of March 25, down a touch from the record 70 billion euros lent the previous month, data showed on Friday.
The banks' reliance on funding from the European Central Bank eased to 114.5 billion euros compared to 116.9 billion euros as of February 25.
The latest statistics do not take into account the ECB's decision to suspend collateral requirements for loans to Irish banks, agreed on March 31 after Ireland outlined plans to recapitalise and significantly shrink its lenders.
Irish banks are reliant on central bank funding due to deposit outflows and their exclusion from interbank lending markets over concerns about the sector's future.
(Reporting by Padraic Halpin; editing by Carmel Crimmins) Business |