facebook
twitter
rss
account
search
search
 

ECB puts $713 billion into circulation

Feb. 29, 2012 at 10:43 AM   |   Comments

FRANKFURT, Germany, Feb. 29 (UPI) -- The European Central Bank said its emergency liquidity program loaned $713 billion to 800 banks, numbers that exceeded the banks' December loan bonanza.

In December, 523 banks participated in a low-interest loan program that put $655 billion into circulation, The New York Times reported Wednesday.

The latest round of borrowing involved collateral-backed loans at 1 percent interest with no limit set for the amount borrowed.

The terms also included extending the normal one-year duration to three years, a move intended to give banks and investors confidence the liquidity in the financial system will not evaporate soon.

The bank has not said whether a third round of lending would be made available. The latest program was offered, in part, to offset a tighter capital market that is expected due to the $170 billion bailout of Greece.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Hershey's new logo launched, compared to emoji poop
2
The 'Home of the Whopper' to keep headquarters in U.S.
3
Canadian media must broadcast official emergency notifications
4
France receives upgraded aerial tanker
5
Kurds raise oil funds for refugees
Trending News
Video
x
Feedback