ECB lends €489bn to eurozone banks

The European Central Bank (ECB) today revealed it had lent nearly €489bn to the continent’s banks in a bid to boost confidence in the eurozone.

The ECB said 523 un-named banks had taken up the loans, which will be offered on a three-year term for the first time, in the biggest liquidity operation ever for the central bank, surpassing the €442bn in one-year loans in June 2009.