European banks may gain access to ECB money

ECB is set to provide Euro Zone banks with cheap financing. Today ECB will offer its three year loans. European banks are going to ask for around €293 bn ($384 bn), predict economists surveyed by Bloomberg. The cash will be offered at average ECB benchmark rate of 1%. ECB is attempting to provide banks with low-priced money for medium term, so that financials can continue lending to households and companies.