Carmaker to borrow from ECB

Volkswagen, a German carmaker, plans to tap the European Central Bank (ECB) for a €2.3 billion ($2.9 billion) loan in December.

The carmaker said it would use $2.8 billion-worth of securities backed by car loans as collateral for the ECB financing, which it would be looking to obtain in December. The ECB will deduct about half a billion in haircuts.

The loan underlines the difficulties faced by some of the eurozone's biggest companies in obtaining financing. The ECB's latest bank lending surv