The European Central Bank stepped up its response to the eurozone crisis by providing €489bn in unprecedented three-year loans to more than 500 banks across the region.
The stronger-than-expected demand, a record for the amount allocated in a single ECB liquidity operation, came after banks were urged by policymakers to take the funds as part of a concerted effort to ease strains in the financial system.
The offer of unlimited three- year loans, announced this month, comes ahead of a crucial first quarter of 2012 for the eurozone when a large volume of bank and government debt is due for refinancing.
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