ECB to offer banks €111bn in loans

THE European Central Bank (ECB) said it will lend banks €111.2 billion for six days to help them cope with the expiry of its landmark 12-month loan.

The Frankfurt-based ECB said 78 banks asked for the six-day funds at the benchmark interest rate of 1%.

Banks yesterday needed to repay €442bn in 12-month loans, the biggest amount ever awarded by the ECB.