Siemens Deposits More Than 500 Million Euros With ECB, FT Says
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Siemens AG deposited more than 500 million euros ($681 million) with the European Central Bank after withdrawing the funds from a French lender two weeks ago, the Financial Times reported.
The money was moved amid concern with the financial health of the unidentified French lender and higher interest rates paid by the European Central Bank, the Financial Times said, citing an unidentified person with direct knowledge of the matter. The Munich-based engineering company has between 4 billion euros and 6 billion euros on one-week deposit at the ECB, the FT said.