Banks have deposited record amounts to the European Central Bank (ECB), raising fears of a credit crunch on the continent.The Euro dipped to the lowest levels in ten years against the Japanese yen, fuelled by concerns over the eurozone crisis. The euro was trading as low as 100.35 against the yen,  it has been reported by the BBC, its lowest level since July 2001. The single currency also hit a one-year low against the US dollar, trading at $1.2887.Reflecting on the European Bank’s decision to deposit money to the ECB, Rob Ryan of BNP Paribas in Singapore said: "Nobody sees anything on the horizon that could be mildly positive for the euro." A common interpretation of the usage of ECB’s deposit facility, is that banks are nervous about lending to each other, sparking great concern about liquidity across the continent. Concern has also been raised over Italian bond sales, with a big refinancing in the country needed in the coming months.The British pound traded at 0.836.