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July 30, 2013

US money market funds return to EU banks

US money market funds have nearly doubled their allocations to European banks over the past 12 months, in a sign of improving investor sentiment towards the region.

In the first half of the year, the 10 biggest US money market funds allocated about 15 per cent of their $652bn in assets to short-term deposits and debt securities with eurozone banks, according to Fitch, the credit rating agency.

That represents an increase of nearly 90 per cent since June 2012, when fears over a eurozone break-up were at their peak.

US money market funds have traditionally been an important source of short-term dollar funding for banks across Europe. But, in 2011, they were among the first big investors to withdraw money as the crisis in the eurozone escalated.

Martin Hansen, a macro credit analyst at Fitch, said the return of US money market funds was a sign of improving confidence in the eurozone – although he acknowledged that uncertainty remained over the longer term.”


Read full Financial Times article here

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