Spain's banks drawing assets from ECB

02/12/2008 | Financial Times (free content)

Spanish banks have been using mortgage-backed bonds as collateral to draw funding from weekly liquidity auctions conducted by the European Central Bank. Banks in other European countries may be doing the same, but the Bank of Spain is the only regional central bank that publishes such data. ECB President Jean-Claude Trichet said last week that banking systems within the euro zone were not being bailed out by its efforts to ease the global credit crunch.

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