Accessibility links

Breaking News

European Bank Issues New Loans To Banks

The European Central Bank (ECB) has provided a further 530 billion euros ($707 billion) in low-interest loans to 800 banks across the European Union.

The loans are aimed to help ease the eurozone debt crisis and improve banks' liquidity.

It's the second time the ECB has offered such three-year loans; some 489 billion euros ($652 billion) was lent in December.

The three-year loans are the ECB's latest attempt to cope with the eurozone crisis.

It hopes the limit-free, ultracheap, and ultralong funding will increase trust in banks, ease the threat of a credit crunch, and encourage banks to buy Italian and Spanish sovereign debt.

With AP, AFP, and Reuters reporting