ECB to give banks dollar loans

THE European Central Bank said it will lend dollars to eurozone banks in a series of three-month loans as the region’s debt crisis limits market access to the US currency.

The Frankfurt-based ECB said it will coordinate with the Federal Reserve and other central banks to conduct three separate dollar liquidity operations to ensure banks have enough of the currency through the end of the year.

The three-month loans are in addition to the bank’s regular seven-day dollar offerings and will be fixed-rate tenders with full allotment. They will be offered on October 12, November 9 and December 7.