Amsterdam - Holdings of credit deposits at the Dutch Central Bank (DNB) made by the country's commercial banks has reached a record high, DNB announced in a statement Wednesday, in a sign that ongoing financial turmoil is prompting conservatism among lenders.

DNB is now holding more than 40.7 billion euros (51.79 billion dollars) in credit deposits (CDs), which bear 2.75 per cent interest, half a percentage point below the European Central Bank's rate, and well below the Euro Interbank Offered Rate (Euribor).

On Wednesday the Euribor stood at between 3.038 per cent (one week) and 3.853 per cent (12-month-loans)

DNB spokesman Herman Lutke Schipolt told Deutsche Presse-Agentur dpa that before September when the global financial crisis took off, commercial banks made virtually no use of the DNB's credit deposit facility.

The European Central Bank decided on October 8 to lend to banks on a weekly or longer basis. At the same time, CD uptake at the DNB jumped dramatically, reaching more than 59 billion euros on October 24, amid a generally tightening credit market across Europe.

Holdings of CDs at the DNB have declined since October, but the DNB declined to say whether it points to easing credit conditions. (dpa)