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Draghi Says ECB to Offer Banks Unlimited Cash for Three Years

ECB President Mario Draghi
Mario Draghi, president of the European Central Bank (ECB). Photographer: Hannelore Foerster/Bloomberg

European Central Bank President Mario Draghi said the ECB will offer banks as much money as they need for three years and loosened collateral rules at refinancing operations as officials try to ease strains in credit markets.

The ECB also cut banks’ reserve ratios to 1 percent from 2 percent and will stop fine tuning operations at the end of each reserve maintenance period, Draghi said at a press conference in Frankfurt today. The 36-month loans will be conducted as a fixed rate with full allotment, Draghi said.

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