Banks deposit record €482bn with ECB

THE European Central Bank said deposits from commercial banks rose to a new record yesterday.

Eurozone banks parked €481.9bn with the ECB, up from the previous record of €463.6bn set a day earlier.

The ECB last month loaned 523 banks a record €489bn for three years to keep credit flowing to the 17-nation euro economy during the sovereign debt crisis. It loaned the money at its benchmark rate of 1%.