Nov. 1 (Bloomberg) -- The European Central Bank said financial institutions in the euro area increased emergency overnight borrowing.

Banks accessed 3.3 billion euros ($4.5 billion) at the rate of 2.25 percent yesterday, the Frankfurt-based ECB said, up from 2.8 billion euros the previous business day. Overnight deposits at the ECB fell to 216.9 billion euros, from 248 billion euros the previous day.

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To contact the reporter on this story: Jeff Black in Frankfurt at jblack25@bloomberg.net

To contact the editor responsible for this story: Jeff Black at jblack25@bloomberg.net