Banks' reliance on ECB funds falls
A euro sign sculpture stands outside the European Central Bank (ECB) headquarters in Frankfurt, Germany. Photograph: Ralph Orlowski/Bloomberg.
The reliance of Irish banks on emergency funds from the European Central Bank (ECB) fell by more than €8 billion in February.
The amount of outstanding loans fell from €70.1 billion in January to €61.8 billion last month, the Central Bank said today.
The figures show that Irish banks remain heavily dependent on emergency funding to run day-to-day.
However, they have trimmed that reliance from a high of €187 billion in February 2011 by shrinking balance sheets and making a tentative return to capital markets.
Reuters
