European Central Bank lends $712 billion to banks

euro-coins-and-banknotes

The European Central Bank (ECB) today (February 29), lent €529.5 billion ($712.1 billion) to 800 European banks as part of its low interest loan programme.

The longer-term refinancing operation (LTRO), offers lenders an interest rate of just 1% on the three-year loans on offer. This is the second round of lending, the first issuance was in December 2011 and saw 523 banks borrow €489 billion.

Richard Driver, a currency market analyst with Caxton FX, says the latest result was "broadly in line wit

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