The European Central Bank (ECB) on Wednesday allotted loans of 442.241 billion euros (around US$619.5 billion) to euro-zone banks for one year at a 1 percent interest rate.

This is the first time for the Frankfurt-based bank to provide one-year fixed tender to commercial banks, and it is part of the ECB's effort to boost liquidity in the 16-nation eurozone and free up bank lending.

The allotment is also the largest ever released by the European monetary authorities.

The huge amount dwarfs the loans of 348 billion euros that the bank had poured into the financial system in December 2007 to fight global economic downturn.

(Xinhua News Agency June 25, 2009)