The European Central Bank yesterday pumped hundreds of billions of euros in one-year loans into the eurozone's weakened banking system, making record amounts of emergency finance available in a bid to unlock credit markets and revive the region's economies.
In a dramatic step that was being dubbed “stimulus by stealth” in financial markets, the central bank lent €442.2bn ($619bn) for 12 months to more than 1,100 banks at its current benchmark interest rate of 1 per cent.
The high demand for the funds, in what was the ECB's first ever auction for one-year loans, reflected a growing realisation by the banks that emergency funding may not be available again on such favourable terms.
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