Eurozone banks rush to take ECB loans

Over 500 European banks raced to borrow money from the European Central Bank (ECB) in its first-ever offer of unlimited three-year loans.

The take-up for the 489bn euros ($643bn; £375bn) offer was far higher than anticipated.

It is hoped the move will increase the ability of banks to lend money, reducing the risk of a new credit crunch.

Robert Peston reports.

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