'Many German banks' securing ECB loans

6 March 2012

A high number of the banks that have secured deals from the European Central Bank's (ECB's) latest batch of three-year loans are German.

Die Welt newspaper has reported that more than half of the 800 lenders tapping into this resource are based in the country, with the majority of these being small savings and cooperative institutes.

However, it seems that despite the high volume of banks, the amount of money taken was not quite so large, as this was calculated as being less than ten per cent of the €529.5 billion ($699 billion) tender.

This sum was markedly lower than the 26 per cent recorded for Italian lenders, which worked out at around €140 billion.

Indeed, fewer than half of Germany's largest 15 banks took advantage of the opportunity provided by the ECB - which is the central bank for the euro - while the smaller financial institutions that chose to make use of it did so in little amounts.

By Claire Archer

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