European banks squeezed by funding concerns |
| Financial Times - Aug 19, 2011 |
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Shares in Europe’s banks fell to their lowest in more than two years this week as funding fears hit already stressed markets.
The bearish sentiment was heightened by news that the European Central Bank was tapped for $500m of emergency funding by an unnamed bank earlier this week.
Ructions caused by short selling bans and a report that the New York Federal Reserve was probing the funding strength of the US divisions of European banks added to investor unease.
Credit Suisse fell 11.2 per cent to SFr20.96 over the week and domestic rival UBS shed 8.7 per cent lower at SFr10.65. Deutsche Bank was among the biggest fallers on the Xetra Dax, dropping 10.2 per cent over the week to €27.21. In France BNP Paribas fell 12 per cent to €32.75 and Société Générale lost 14.1 per cent to €20.87. Italy’s UniCredit was down 14.8 per cent to €0.90.
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- Posted: 2011-08-19 16:29:00
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