Spanish lenders’ net borrowings from the ECB jumped to a record 287.8 billion euros ($361.4 billion) in May, highlighting the thirst of the financial system for funding before the country’s banking bailout.
Net average ECB borrowings climbed from 263.5 billion euros in April, the Bank of Spain said on its website today. Gross borrowing was 324.6 billion euros in May, up from 316.9 billion euros in April.
Spain on June 9 became the fourth euro member to seek a bailout since the debt crisis began almost three years ago, asking for as much as 100 billion euros to rescue lenders pummeled by a real estate slump now in its fifth year.
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