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Banks to Continue to Rely on ECB: Analyst

Monday, 9 Jan 2012 | 4:30 AM ET

"Banks are drawing down from the generous 3-year ECB facility, keeping funds on stand-by to meet their commitments in the forthcoming year. Most banks will rely on ECB funds to meet bonds as they fall due. Private funding markets are not open to the large proportion of euro area banks." Michael Symonds, Credit analyst, Daiwa Capital Market told CNBC.