Fitch Ratings statement entitled, "Fitch: U.​S. Money Fund Exposure to Eurozone Banks Stabilizes," tells us, "U.​S. prime money market fund (​MMF) exposure to Eurozone banks has remained relatively steady through the first-​half (​1H) of 2013 except for a temporary drop in March, according to a Fitch Ratings report. Exposure to Eurozone banks represents 14.​5% of total MMF assets within Fitch'​s sample as of end-​June 2013. Fitch believes this stability in part reflects improved investor sentiment towards the Eurozone following last summer'​s European Central Bank (​ECB) actions. Between end-​June 2012 through end-​June 2013, MMF allocations to Eurozone banks increased 89% on a dollar basis. Although the intensity of the Eurozone crisis continued to subside through 1H 2013, Fitch notes that MMF exposure to banks in that region remain approximately 60% below their May-​2011 levels. Fitch believes that there are several indications that MMF Eurozone allocations of 15% -- the average through 1H 2013 -- could be a new steady state rather than a move towards the full resumption of mid-​2011 levels. The proportion of eurozone and European exposure in the form of repos has remained below 20% of these banks' collective exposure in each of the past three months, well below the levels of roughly 40% of exposure during the height of the crisis last summer."

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