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Spanish Banks' ECB Borrowings Jump In March

Spanish banks stepped up their borrowings from the European Central Bank in March after it announced the second long-term refinancing operation in a bid to ease credit crunch.

Bank of Spain data showed Friday that Spanish banks' net borrowing from ECB climbed to EUR 227.6 billion in March from EUR 152.4 billion in February.

Total borrowings, including funds placed in the ECB's deposit facility, stood at EUR 316.3 billion in March.

Banks in the whole euro system borrowed EUR 361.7 billion during the month, higher than EUR 322.05 billion in February.

The ECB infused EUR 529.53 billion in three-year loans to 800 banks via its long-term refinancing operation, or LTRO, on February 29. This helped reduce yields on Italian and Spanish bonds and boosted investor confidence.

It was the second offering of three-year loans after a similar operation in December.

by RTT Staff Writer

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