LONDON Aug 6 Royal Dutch Shell is
pulling some of its funds out of European banks over fears
stirred by the euro zone's mounting debt crisis, The Times
reported on Monday.
The company's chief financial officer Simon Henry told the
newspaper that Shell is cutting back its exposure to European
credit risk in the worst-hit economies and putting a higher
price on doing business with the region's peripheral nations.
"There's been a shift in our willingness to take credit risk
in Europe. The crisis has impacted our willingness to afford
credit," Henry is quoted as saying.
Henry is cited as saying that the Anglo-Dutch oil major
would rather deposit $15 billion of cash in non-European assets,
such as U.S. Treasuries and U.S. bank accounts.
The firm is forced to keep some money in Europe to fund its
operations, but is keeping the bulk of its reserve liquidity out
of the euro zone to avoid growing macroeconomic risk, the report