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ECB's lending to banks is now at nearly €50bn

The loans – which are for the unusually long period of six months – are aimed at steadying the banking system.

Image: Michael Probst/AP

THE EUROPEAN CENTRAL BANK has carried through on its promise to loan unlimited cash to steady a banking system still shaken up by the continent’s debt crisis.

The ECB handed out €49.75 billion to 114 banks that asked for it. The credit is for an unusually long period of six months, which gives banks more confidence they won’t run out of financing.

The amount was higher than analysts had expected.

ECB President Jean-Claude Trichet announced the credit measure last week. It comes amid market turbulence caused by Europe’s government debt crisis and fears about whether the global economy will keep growing.

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Associated Press

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