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BNP Paribas denies having trouble obtaining USD funding

BNP Paribas categorically denies the statements made by a certain anonymous BNP Paribas executive who states that the bank has a liquidity problem in dollars and is participating in the creation of a market in euros to solve the problem.

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The Wall Street Journal published today in its Op-Ed pages an article entitled "The problem with French banks" written by Mr. Nicolas Lecaussin

This article quotes a certain anonymous BNP Paribas executive who states that the bank has a liquidity problem in dollars and is participating in the creation of a market in euros to solve the problem.

BNP Paribas categorically denies the statements made by this anonymous source and confirms that it is fully able to obtain USD funding in the normal course of business, either directly or through swaps.

BNP Paribas is surprised that the Wall Street Journal published this opinion containing both statements from an anonymous source, and a large number of unverified assertions and technical errors, without contacting the bank for verification.

The french bank provides more details on Resources and assets flexibility:
Short Term net funding < 1year: €60bn*
O/w €36bn from US Money Market Funds (vs €46bn as of 29 July 2011)
Using Fx swaps to more than offset recent reduction & shortening of resources from US Money Market Funds