Deutsche Bank 'took $13bn from ECB last week'

9 March 2012

A major European bank took on significant levels of monetary support from the European Central Bank (ECB) last week to help stabilise its financial situation.

According to the Financial Times, Deutsche Bank loaned as much as €10 billion ($13 billion) from the central institution during its final round of lending arrangements even though Josef Ackermann, the financier's outgoing chief executive, raised concerns about this initiative.

Last month, Mr Ackermann stated that he did not want Deutsche Bank to participate in the cost-effective three-year scheme from the ECB on the grounds that the firm would be "very reluctant" to give up its reputation of not lending heavily.

However, the news source noted that investors briefed by senior officials from the company explained the bank was persuaded by the economics of the initiative to abandon these worries and get involved.

This comes after ECB president Mario Draghi revealed earlier in the week that more than half of the 800 banks to partake in the recent round of loans were German.

By Claire Archer

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