July 25, 2012 / 10:16 AM / in 5 years

Demand for ECB dollar funding surges

FRANKFURT (Reuters) - The European Central Bank saw a jump in demand for its dollar funding on Wednesday, as a deepening euro zone crisis left an increasing number of banks reliant on central bank support.

The ECB said a total of 10 banks took just over $8 billion worth of 7-day loans, almost double the amount taken in the same operation last week and the highest since December 2009.

The jump comes as typical dollar lenders such as money market funds, spooked by the region’s debt problems, limit the number of euro zone banks to which they lend.

Reporting by Marc Jones; Editing by Susan Fenton

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