NEW YORK ( TheStreet) -- French, British, Spanish, Italian and German banks sustained substantial losses to their share prices Thursday as the global equities sell-off targeted European financials.

By mid-morning in New York, Lloyds, Barclays ( BCS), Societe Generale and Commerzbank were among the worst affected, dropping by 10% on average.

Share in Italy's biggest retail bank Intesa Sanpaolo were suspended Thursday for excessive losses, down 7.4%.

HSBC ( HBC), Deutsche Bank ( DB - Get Report), Banco Santander ( STD), Unicredit and Credit Agricole were all down by between 5% and 8%.

One Frankfurt-based analyst -- who declined to be named -- said news that the European Central Bank had provided $500 million to an un-named bank that was struggling to raise dollars was, in part, behind the sell-off. The ECB dollar facility, created in late 2007, was a crucial source of dollar funding for European banks following the Lehman collapse in September 2008 and again in May 2010 when the sovereign debt crisis was at its most intense. It had not been used since February of this year, however, prior to the $500 million transaction.

Meanwhile the euro was down by almost 1% against the dollar, trading at USD 1.4287, down from 1.442, erasing gains made over the past two days.