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ECB plans 600-bln-euro cheap loans in February
Last Updated(Beijing Time):2012-01-07 00:14

The European Central Bank (ECB) plans to offer a second three-year loans program worth up to 600 billion euros (about 766.76 billion U.S. dollars) next month in a move to further bolster European banks' finances and appease fears on the eurozone debt crisis, French central bank governer Christain Noyer said Friday.

"The ECB will make a second operation in February, also at three years with the amount that banks will ask for. It could be up to 500 or 600 billion euros," Noyer told French broadcaster Europe1.

"We are only limited by our willing to keep prices stable to avoid inflation. In the current situation, we believe that we can refinance the banks without risk," he added.

In December, the ECB has pumped 490 billion euros (626.12 billion U.S. dollars) into 500 European banks at the ECB's benchmark rate over the next three years.

While hailing the ECB initiative to have eased the threat of a credit crunch, Noyer asked banks across the European bloc to be more dynamic to boost credits to the economy.

"That's why we lend them money... with very good conditions and we ensure that over several years, " he said.

Source:Xinhua 
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