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Funding Still Difficult for EU Banks

European leaders promise to consider ways to guarantee bank debt.

By Liam Vaughan and Gavin Finch, Bloomberg | Updated on October 28, 2011

European banks, which need to refinance more than $1 trillion of debt next year, may struggle to fund themselves until policy makers follow through on a pledge to guarantee their bond sales.

European Union leaders promised this week to “urgently” look at ways to guarantee bank debt in a bid to thaw funding markets frozen by the sovereign debt crisis. Lenders have found it hard to sell bonds for the past two years and have increasingly turned to the European Central Bank for unlimited short-term emergency financing.

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