Spanish banks’ reliance on ECB hits record levels

bank-of-spain

Spain could require a backstop to shore up its financial system, analysts have warned, as data published by the country's central bank shows the sector borrowed a record-breaking amount from the European Central Bank (ECB) in May.

Bank of Spain figures show that the ECB's net lending to Spanish banks hit €85.6 billion ($105.4 billion) in May, from €74.6 billion the previous month. The May figure represents 16.5% of the ECB's net lending to banks in member countries, compared to 14.4% the month b

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