Deutsche Bank Borrows $6 to $13 Billion from ECB on LTRO

Deutsche Bank has taken 5-10 billion euros ($6.6-$13.3 billion) of the European Central Bank's (ECB) long-term refinancing operation (LTRO), which offers three-year loans to banks at a rate of 1 percent, according to a report.

Going by the report in Reuters, a major share of the funds have been taken through subsidiaries in Italy and Spain.

Earlier it was reported that Barclays Plc has taken 8.2 billion euros in funding from the ECB. Also Lloyds Banking Group Plc and HSBC Holdings Plc had said they had accessed 13.6 billion euros and 350 million euros, respectively.

In an endeavor to lessen capital concerns, the second ECB three-year program lending program has been made available to 800 banks. In December 2011, the ECB had offered the first set of three-year loans in which 489.11 billion euros were given at 1 percent interest that helped to limit the threat of the credit crunch to a certain extent.

Last week the ECB had stated that 800 banks across the European Union had accessed 530 billion euros through its second three-year program lending program.