London banks central to European euro-borrowing
NEWS
LONDON -- Banks in the City are seeing most of the business related to increased demand for euros in the eurozone, according to the Bank for International Settlements’ (BIS) quarterly review released last month.
As the official euro launch date on January 1, 2002 draws closer, banks on the continent are borrowing euros from London-based banks in an effort to meet demand for the currency from European investors.
According to the BIS report, interbank euro lending in this year’s first quarter in the
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