ECB loans €530bn to banks

The European Central Bank (ECB) has made €530bn in low-interest loans to banks in the second round of a massive credit infusion that has been credited with easing the eurozone debt crisis.

The offer of credit for three years was taken up by 800 banks today. The uptake was modestly higher than the €490bn handed out to 523 banks at a first offering on December 21. Banks used some of the money from the first round of loans to buy government bonds.