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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Lending constraints keep Europe central banks on alert AFP - 2 hours 59 minutes ago Send IM Story Print Lending constraints keep Europe central banks on alert PARIS (AFP) - – European inter-bank lending is under strain, threatening to hamper the availability of credit that is the lifeblood of the financial system and keeping European central banks on high alert. "We have a money market which is not functioning perfectly, that is absolutely clear," European Central Bank governor Jean-Claude Trichet said last week. Reluctance to lend is especially apparent in the operations of medium-sized banks, notably in Spain, say industry sources -- and some of the anxiety reflects uncertainty about the soundness of banking finances, they say. Trichet said recently that the results of "stress tests" carried out on the accounts of major European banks would soon be communicated to European finance ministers. The tests are designed to determine a bank's capacity to weather periods of extreme economic or financial hardship. "There are likely to be banks in the European system, in Spain for example, that are in a situation of not being able to pass these tests," said Pierre Flabbee, an analyst with Kepler Capital Markets. While several governors of national central banks in Europe back the publication of the results of such tests, there is also fierce opposition. "The problem is that you release this information you are condemning them (banks) if you don't have an immediate support mechanism" to propose, Flabbee said. Medium-sized Spanish banks are trying to cope with the pressure by consolidation. Another reason banks are reluctant to lend among themselves is the knowledge that banks have substantial holdings in bonds issued by financially troubled eurozone governments in Greece, Italy, Portugal and Spain. But on Friday rating agency Moody's sought to calm the waters, insisting that European banks were strong enough to withstand any sharp losses on their holdings of European government debt. Moody's said it had done its own "stress tests" on banks, which showed they would be able to cope without having to raise extra funds from shareholders. The ECB last Thursday nevertheless said it was maintaining a key support facility for eurozone banks, which would allow them to borrow amounts of cash in regular three-month refinancing operations through September. The goal is to ensure plentiful liquidity in interbank lending markets. "The banks are asking themselves: 'My God, how can we live without the ECB'," said one banking source who asked not to be named. But no one at the moment is suggesting that the situation is approaching the ominous credit crunch that emerged after the collapse of the US bank Lehman Brothers in September 2008 and which threatened the banking sector as a whole. "The situation is not that severe," said Flabbee. Recommend Send IM Story Print News Search Top Stories Lending constraints keep Europe central banks on alert Eurozone debt fears force France to pay higher rates Spain, Portugal celebrate 25 years in European community Search for survivors in deadly US floods resumes France plans to cut spending by 45 bln euros More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Euro to hit dollar parity in 2011, if still exists: analyst Britain honours actress Zeta-Jones, F1 racer Coulthard Search for survivors in deadly US floods resumes Ahmadinejad blasts US, says Israel is 'doomed' Obama has made 'big mistake' with Iran: Ahmadinejad More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture Clashes as Israeli forces storm Gaza aid boat: Hamas TV Egypt unearths tomb of pharaonic army chief Physicists solve mystery of missing neutrinos More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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