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ECB Says Emergency Bank Borrowing Rose to Highest in Nine Months
The European Central Bank said it lent banks in the euro area the most in emergency overnight funds since March 1 as the region faces a looming credit crunch. Financial institutions borrowed 9.4 billion euros ($12.6 billion) at the rate of 2 percent yesterday, the ECB said in a statement today. Overnight deposits at the Frankfurt-based central stayed at 324.5 billion euros.
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