Spanish banks’ ECB reliance drops

bank-of-spain

Spanish banks' reliance on European Central Bank (ECB) funding declined 20.6% in January compared to December 2010,  figures published Monday by the Bank of Spain showed.

The data, extrapolated from daily averages, showed the Bank of Spain's net lending to credit institutions and its counterparties came to €53.12 billion ($71.52 billion) in January, down from €67 billion in October. The figure represents the first drop in Spanish credit institutions' net borrowing since November last year.

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