28 Nov '11, 7am

MONEY MARKETS- Funding pressures stay elevated via FX swaps

* Funding needs more acute for French banks - JP Morgan * LIBOR set to rise more before year end HONG KONG, Nov 28 (Reuters) - The cost of borrowing dollars through currency derivatives held near their highest levels since the 2008 financial crisis on Monday, putting more pressure on European policymakers to come up with a solution before a summit next week. Even as reports that the International Monetary Fund may be looking to help Italy lifted stocks and Asian currencies on Monday, dollar funding costs remained elevated, offering no respite to European banks. The IMF later denied it was in talks with Italian authorities on such a plan. Three-month euro/dollar cross currency basis swaps which measures the premium that a borrower of dollars needs to pay to access funds, held around 149 basis points, not far away from an October 2008 peak of 166 bps which was matched in Fri...

Full article: http://sg.news.yahoo.com/money-markets-funding-pressures-...

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