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European Central Bank hands out 1.3 trillion euros in loans

Published Thu Jun 18 2020 15:17:09 GMT+0000 (Coordinated Universal Time)
The European Central Bank has handed out more than a trillion euros in cheap loans to banks as part of its effort to get the economy through the virus outbreak. The central bank for the 19 countries that use the euro said Thursday it handed out 1.3 trillion euros in loans good through 2023 to more than 700 banks. It's the biggest credit offering in the bank's two decades in existence. The purpose is to make sure that banks have plenty of credit available for businesses that may be temporarily struggling. The ECB sweetened the offer with a negative interest rate, meaning banks are being paid to borrow.
by By DAVID McHUGH
In this Tuesday, Dec. 11, 2018 photo the European Central Bank (ECB) sits next to the river Main in Frankfurt, Germany. The European Central Bank has boosted its pandemic emergency support program by 600 billion euros to 1.35 trillion euros ($1.5 trillion) in an effort to keep affordable credit flowing to the economy during the steep downturn caused by the virus outbreak. (AP Photo/Michael Probst, file)
In this Tuesday, Dec. 11, 2018 photo the European Central Bank (ECB) sits next to the river Main in Frankfurt, Germany. The European Central Bank has boosted its pandemic emergency support program by 600 billion euros to 1.35 trillion euros ($1.5 trillion) in an effort to keep affordable credit flowing to the economy during the steep downturn caused by the virus outbreak. (AP Photo/Michael Probst, file)