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Euro Zone Bank Fears Spook Euro Money Market. FRANKFURT (Dow Jones)--Euro-zone banks are parking piles of cash at the European Central Bank on concern that the region's banking system faces considerable writedowns this year and next. Reminiscent of the days following the collapse of US investment bank Lehman Brothers in 2008, euro-zone banks placed a record EUR316.4 billion in the ECB's ultra-safe overnight deposit facility, ECB data showed Wednesday. If markets are functioning properly, banks use the facility to the tune of only a few hundred million euros, because the ECB pays a below-market rate of only 0.25% on the funds. Overnight lending in money markets currently yields 0.33%. "The increase in the deposit facility to such high level signals an increase in the perception of counterparty risk," said Luca Cazzulani, the deputy head of fixed-income strategy at UniCredit. An ECB report published Monday, which showed euro-zone banks could suffer an additional EUR195 billion in write-downs this year and next, further fanned uncertainty. "The sizable amounts of loan-losses expected in the next couple of years are likely to limit the availability of credit for the entire non-financial sector, creating an additional hurdle for the economic recovery," Citigroup economist Giada Giani said in a note to clients. Should economic growth turn out to be weaker than currently forecast, then banks would be forced to make even larger loan-loss provisions, the ECB said Monday. Fears about the health of the region's banks also pushed up euro interbank offered rates--or Euribor rates, at which banks lend funds to each other. The three-month benchmark rate hit 0.704% Wednesday--the highest level since late December 2009. By comparison, the rate stood at 0.634% at the end of March. Higher Euribor rates imply increased funding costs for banks, which they may pass on to their corporate customers. Economists warn it could put a brake on the euro zone's economic recovery. Tensions have reemerged despite massive liquidity provisions from the ECB that has even begun to intervene in the euro zone's public and private debt markets to restore investor confidence in debt issued by governments with weak public finance. The ECB and the 16 national central banks--collectively called the Eurosystem--currently provide around EUR843 billion in temporary funds to banks in the region. It has also purchased at least EUR35 billion in bonds under the newly-established Securities Markets Program, plus an additional EUR55 billion in covered bonds, or bonds issued by banks to refinance loans on commercial or residential mortgages, or loans to the public sector. "European lenders are under pressure to shrink," said Lena Komileva, head of economics for the Group of Seven leading nations at inter-dealer money broker Tullett Prebon. "Reduced availability of funds and higher costs of borrowing in the real economy, due to more rapid deleveraging in the banking system, will impose austerity onto both public and private balance sheets," Komileva added.

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Alierta came to Lisbon to talk 10 minutes with BES. 03/06/10 10:30. The president of Telefonica met this Monday in Lisbon, with senior officials of BES to ask the support of the bank in the sale of Vivo.The news today is enhanced by the Público newspaper, citing a source close to the process. At the meeting, which will have lasted less than 10 minutes, Cesar Alierta requested the support of BES on the new offer of 6.5 billion euros to buy the position of the PT in Brazil, a group of high officials of the bank have said that it could only take a position at the headquarters of the board. According to the public writes, citing an official source of public bank, with Caixa Geral de Depósitos - which also signaled its willingness to divest Vivo - did not happen any meeting with the heads of Telefónica. The new offer by Telefónica's Vivo - the price rose from 5.7 to 6.5 billion - will be decided at the general meeting of shareholders, the vast majority of analysts says is very likely that the business is viable.

Sonaecom and Zon earn more than 4%, PT closes negative. 03/06/10 16:40. The PSI has advanced today a 20% positive with 19 listed. The PSI 20 index ended 1.08% to value points to 7131.02 on a positive day for global equity markets. Wall Street also trades on the rise. The telecommunications sector was again highlighted with the market anticipating consolidation movements in the case of PT shareholders permit the sale of Telefónica for Vivo to 6.5 billion euros, a deal that is given as almost certain by most analysts . All this raised the rumors of a merger with Sonaecom(both PT and Zon), the titles ended soaring. Shares of telecom the Sonae group were to rise more than 12%, finishing the add 6.52% to 1.47 euros. In the same vein, the Zon advanced 4.01%, while PT decreased 0.8%, the only negative performance in Lisbon. The push by Euronext Lisbon was also Galp Energia, who walked 1.73% to trade at 12.07 euros a day when oil prices returned to value in international markets. It also helped banks to gains after Moody's has said yesterday that Portuguese banks could survive 12 months without resorting to international markets to finance. BES rose 0.8%, while BCP and BPI progressed 0.32% and 0.79% respectively.