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Germany : EUROPEAN CENTRAL BANK aims to offer long-term loans to banks

June 7, 2014

The European Central Bank declared that it is taking fresh, unusual moves, comprising a new booster of cheap credit for banks, to keep the eurozone from sliding into deflation.

The bank's president, Mario Draghi, stated that the ECB would propose long-term loans to banks at cheap rates until 2018.

The loans would be clinched at 7 percent of bank's allowing to firms. It would do preparatory work to purchase batches of loans to small businesses in the form of bonds, a move to filter more credit to firms via financial markets.

It authorized to block collecting weekly deposits targeted at compensating the monetary effects of earlier bond purchases.

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Source: TendersInfo (India)

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