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BNP reassures on liquidity fears
France’s biggest listed bank BNP Paribas said yesterday it had an “excess” of short-term US dollar liquidity and had access to a wide variety of funding, as it sought to calm money-market jitters. The bank, which is strongly exposed to the Eurozone and mature Western markets, said however that the cost of turning to alternative US dollar funding sources had “impacted” pricing. Many European banks are trading at depressed valuations due to fears the sovereign turmoil is hurting their ability to fund themselves affordably. The information was posted on BNP’s website as part of a question-and-answer factsheet.