ECB to extend easy credit for banks: Trichet

2nd September 2010, Comments 0 comments

European Central Bank president Jean-Claude Trichet said Thursday that the ECB would continue to provide exceptional funding for banks in October, November and December.

Exceptional three-month loans "will be carried out in October, November and December 2010 as fixed rate tender procedures with full allotment," meaning banks can borrow as much cash as they need, Trichet said.

He spoke after the ECB governing council kept its main lending rate at a record low of 1.0 percent for the 16th month running to underpin an economic recovery in the 16-nation eurozone.

© 2010 AFP

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