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Rebound in Paris banks
FRENCH banks endured another tumultuous day of share price swings yesterday but closed up after quashing rumours of a funding problem.
BNP Paribas rushed out a statement furiously denying a report that it no longer had access to dollar funding, after which its shares rocketed from 10 per cent down to close up 7.2 per cent.
The bank said that it had €60bn in short-term dollar funding as of Friday, in addition to billions in liquid euro assets.
The share price rebound yesterday followed a 12.4 per cent crash in its stock on Monday. Société Générale also regained 12 per cent after its 10.1 per cent plunge the previous day, while Credit Agricole closed up 6.7 per cent, not quite making up its fall on Monday.