$ 501 bn - to get us just beyond the year end
“LONDON (MarketWatch) — The European Central Bank allotted $501 billion (348 billion euros) to banks after offering unlimited funds, taking the coordinated action announced by five central banks last week a step further in a bid to ease the global credit crunch.
In a statement, the central bank said late Monday that it would satisfy all bids for two-week funding at or above 4.21%. The move — dubbed a “radical operation” by economists at Barclays Capital — appeared aimed at satisfying any funding gaps as banks close their books for the year.”