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ECB takes action to keep banks lending during virus crisis

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FRANKFURT – The European Central Bank took action Tuesday to support lending to companies across the 19-country eurozone by easing rules for banks that tap the central bank for ready money.

The action comes amid widespread efforts by central banks such as the ECB and the U.S. Federal Reserve to keep the economy supplied with credit so that businesses can weather a devastating period of shutdowns, travel restrictions and social distancing.

The Frankfurt-based central bank said it was temporarily easing collateral rules for lending to banks, meaning banks can now use a wider range of financial assets as collateral for short-term central bank credit and would get more money loaned for a given amount of collateral.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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